19th Dec 2019 14:28
(Alliance News) - Filtronic PLC said Thursday it has signed an agreement to sell its Telecoms Antenna Operations to Microdata Telecom Innovation Stockholm AB for initial cash consideration of USD5.5 million.
The antennas maker said the sale will complete on January 2 for an initial cash consideration of USD5.5 million on a cash free-debt free basis.
The company announced its intention to sell its Telecoms Antenna Operations in September, following a strategic review.
Reg Gott, executive chair, said: "The sale strengthens our balance sheet, simplifies our business, and enables us to focus on business activities that better suit our core strengths."
Filtronic shares were up 9.6% in London at 9.59 pence each on Thursday.
By Loreta Juodagalvyte; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Filtronic