Cohort (AIM:CHRT) – nice looking acquisition offers immediate boost to earnings
The independent technology group operating in defence and related markets has announced the acquisition of Empresa de Investigação e Desenvolvimento de Electrónica, S.A., (EID), a Portugal based supplier of advanced electronics, communications and command and control products and systems for the global defence market. That’s quite a name!
The gross cash consideration is €19m (£13.3m) and will be funded from Cohort’s existing cash resources augmented by a new syndicated debt facility. At the time of completion EID is expected to hold at least €3m of cash and no financial debt, giving a net acquisition price of €16m on a cash-free, debt-free basis.
EID is a hi-tech company with more than 30 years’ experience in the design,…
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