25th Sep 2015 07:02
LONDON (Alliance News) - Quixant PLC Friday agreed a deal to acquire display electronics and software company Densitron Technologies PLC in a deal that values the company at around GBP7.7 million.
Quixant, which provides computer systems for the gaming industry, will pay 11 pence per Densitron Technologies share, to be funded through its existing cash balances and a new banking facility from Barclays Bank PLC.
The company said this was a 29.4% premium to Densitron's closing price of 8.5 pence Tuesday. Shares in Densitron opened up 21% at 10.25 pence.
Quixant said it expects the acquisition to "significantly" add to ernings in its first full year of ownership.
"The acquisition of Densitron Technologies will provide Quixant with the global infrastructure and sales capability to sell Quixant's computer products into wider industrial markets. Densitron Technologies will also benefit from Quixant's strength in the design and manufacture of specialised computers and electronic controllers needed to drive displays. The acquisition will therefore complement Quixant's move into the provision of displays to its gaming customers, alongside the specialised computer systems it currently supplies," said Quixant Non-Executive Chairman Michael Peagram in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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