StockMarketWire.com - Electronics supplier discoverIE said it had acquired Sens-Tech for up to £70m and also said it would raise funds through the placing of shares to pay down debt and bolster its balance sheet.

'Sens-Tech continues our strategy of building a higher margin, international group that designs and manufactures customised electronics and is one of our largest acquisitions to date,' discoverIE said.

The company paid an initial £58.0m for Sens-Tech with further contingent cash consideration of up to £12.0m, payable subject to the achievement of certain profit growth targets over a three year period.

The acquisition would create further organic growth opportunities in our target markets, particularly medical, transportation and industrial & connectivity, it added.

The company proposed to place 8,034,840 shares, representing 9.96% of total shares, at a price of 415 pence a share, to raise gross proceeds of approximately £33m.


At 8:53am: [LON:DSCV] Discoverie Group Plc share price was +11p at 443p



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