14th Apr 2014 09:29
LONDON (Alliance News) - Smart Metering Systems PLC said Monday that it had acquired Utility Partnership Ltd for GBP14 million, consisting of GBP9.7 million in cash and GBP4.3 million through the issue of new shares.
The cash portion of the acquisition will be funded through a new corporate debt facility from the company's existing lenders, while the shares have been issued at 342.55 pence.
Shares in Smart Metering Systems were trading up 2% at 418.00 pence Monday morning.
Utility Partnership posted revenue of GBP11.1 million and a gross profit of GBP3.7 million in the year ended July 31, 2013. Smart Metering Systems expects the acquisition to be immediately earnings and value enhancing, and said that it enables it to expand its offerings in the gas an electricity sectors.
The acquisition will be incorporated into the company's new electricity division, and will be headed up by Utility Partnership's co-founder Rhys Wynne.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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