- Music and audio products company Focusrite has announced the acquisition of Martin Audio and associated companies for a total consideration of £39.2m. The acquisition will be funded through a combination of existing cash resources and a new loan facility of £40m with HSBC and Natwest.

Focusrite said the completion of both the loan facility and the acquisition is dependent upon shareholder approval in a general meeting on 30 December 2019.

Following the acquisition of Martin Audio, which has £4m of cash, the Focusrite Group will have a net debt of approximately £25m.

It follows Focusrite's purchase of ADAM Audio and its associated companies for a total consideration of £16.2m in July this year.

Focusrite chief executive Tim Carroll said: 'The acquisition of Martin Audio is a clear demonstration of our strategic aim to expand into complementary new markets.

'Martin Audio is an established brand with solid financials that can instantly add value to the enlarged group. Just as importantly, the business is culturally aligned with our existing operations.'

Martin Audio managing director Dominic Harter added: 'There is a great deal we can do together and we look forward to working closely to develop the opportunities across both of our businesses.'

At 10:02am: [LON:TUNE] Focusrite Plc share price was +12p at 610p

Story provided by