StockMarketWire.com - Instrumentation and controls company Spectris said that it and partner Macquarie Corporate had agreed to sell their EMS Bruel & Kjaer joint venture to Sydney-listed environmental management group Envirosuite.

EMS Bruel & Kjaer (EMS B&K) was a provider of environmental monitoring services to airports, cities, mines and construction companies.

Spectris and Macquarie each had a 45% interest in the JV, with management holding the rest. All shareholder interests would be sold in the deal.

Spectris said it would itself receive A$35m (£18.5m), less repayment of EMS B&K's debt facility on completion, and 10m shares in Envirosuite.

'The sale of Spectris' interest in EMS B&K is another step in simplifying the group's portfolio,' the company said.

'Envirosuite provides a range of environmental monitoring services and the addition of EMS B&K complements and expands their solution-as-a-service offering.'

Story provided by StockMarketWire.com