StockMarketWire.com - AB Dynamics said it had completed the acquisition of California-based Dynamic Research Incorporated for a total of up to $24.7m.

Dynamic Research Incorporated, DRI, was a leading supplier of automotive engineering products and services to the US automotive market with expertise in performing full-scale track testing of Advanced Driver Assistance Systems and vehicle dynamics tests, providing these services through a dedicated test facility and track near Bakersfield, California.

'We believe the transaction will not only increase the Group's access in the growing US market for ADAS and autonomous vehicle testing and verification, but also complements our technical capabilities and facilities,' said Dr James Routh, CEO.

The acquisition had been completed on a cash free, debt free basis for an initial cash consideration, provided from the company's existing resources, of $21.0m with a conditional cash payment of up to $3.5m subject to certain performance criteria being achieved for the year ending 31 May 2020, the company said.

'A further payment of up to a maximum of $0.2m may be made subject to determination of the final closing net assets,' the company added.


At 9:28am: [LON:ABDP] AB Dynamics Plc share price was +35p at 2785p



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