- Audo-visual equipment distributor Midwich said it had acquired US counterpart Starin Marketing for up to $46.1m (£35.7m), including debt.

The acquisition sum included a $27.1m cash consideration and an assumption of up to $19.0m in existing debt facilities.

To help fund the deal, Midwich launched a share issue to raise £39.7m at £5.00 per share.

The acquisition was expected to be modestly earnings accretive in the current financial year, including the impact of the total proposed fundraise.

Midwich said the deal represented a significant strategic investment to enter North America and would also provide extended geographical support for its global customers.

Story provided by