StockMarketWire.com - Environmental technology group Halma said Friday it had acquired Navtech Radar for up to £39m.
Navtech Radar, a provider of radar surveillance and safety solutions for use in highway monitoring, perimeter security and industrial applications, would be integrated into Halma's infrastructure safety sector, the company said.
Under the terms of the deal, Halma paid an initial £21m in cash to acquire Navtech, and agreed to pay further earn-out considerations, capped at a total of £18m, dependent on profit growth in each of the three financial years to the end of March 2021.
'Navtech is an exciting addition to our Infrastructure Safety business and builds on our existing strengths in sensing vehicles, people and assets for safety and control applications,' chief executive Andrew Williams said.
'It has valuable IP in radar-based hardware and software solutions and also adds a new presence in the fast growing highway and critical infrastructure safety market niches.'
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