1st Oct 2018 13:12
LONDON (Alliance News) - Shearwater Group PLC said Monday it has raised GBP17.7 million via a placing and open offer in order to acquire cyber security company Brookcourt Solutions Ltd.
Shearwater, which aims to acquire and invest in information security and cyber security companies, will pay GBP30.3 million for Brookcourt. Of this, half is to be paid in cash and half through the issue of shares.
Chair of Shearwater David Williams, called the acquisition "transformational" and said it would provide a platform for organic growth and further acquisitions.
"As well as being strategically and operationally a major development for us, this transaction will also bring a step change in our scale and breadth of offering, and notably it will make us cashflow positive following completion," Williams said.
Shares in Shearwater, which have been suspended since August 17 when the acquisition was announced, were trading down 9.3% at 3.99 pence on Monday.
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