- Eyewear designer and manufacturer Inspecs Group has conditionally agreed a €94.85 million acquisition of German company Eschenbach.

The cash deal represented a 'key strategic step' in its growth plans, Inspecs said.

The acquisition added Eschenbach's presence in the US, France and Germany, which were complementary to Inspecs' existing business, it said.

It added that greater scale post-acquisition would enable the enlarged group to acquire bigger global licences and provide Eschenbach with cost synergies, particularly regarding Asian business.

To finance the deal, Inspecs has raised £64 million from a share placing, with 30.5 million shares conditionally placed today by broker Peel Hunt.

It has also drawn down $18 million from bank financing facilities and used $15 million of its cash reserves.

At 2:44pm: [LON:SPEC] share price was 0p at 210p

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