- Engineering group IMI announced the proposed acquisition of Adaptas Solutions in a deal worth $271 million.

Adaptas Solutions would become part of IMI's precision fluid OEM business unit within IMI precision engineering.

For the year ending 31 December 2021, Adaptas solutions was expected to generate revenues of about $83 million, with adjusted EBITDA of c.$17 million, or 21% margin, and adjusted EBIT of about $14 million.

The acquisition extended IMI precision engineering's product portfolio further into life sciences - fully in-line with IMI's stated strategy to develop into sustainable, profitable adjacencies, the company said.

Closing of the deal was expected to take place before 31 December 2021, subject to customary merger filings.

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