Judges Scientific plc (JDG.L) announced the acquisition of 100% of the issued share capital of Magsputter Limited, which is the parent company of Teer Coatings Limited. Teer Coatings specializes in the manufacture of coating instruments and the provision of coating services.
The initial payment for this acquisition is 12.3 million pounds in cash. Additionally, a further payment may be made to account for any excess working capital that exceeds the business's ongoing requirements, with the expectation that this excess will be covered by the cash available at the completion date.
Judges Scientific noted that the initial consideration for the acquisition and associated transaction costs have been funded from the Group's existing bank facilities.
The company expects the acquisition to be immediately earnings enhancing.
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