17th Jan 2020 08:18
(Alliance News) - Spectris PLC on Friday said it has sold its joint venture with Macquarie Corporate Holdings Pty Ltd to Envirosuite Ltd for AUD35 million, around GBP18.5 million.
EMS Bruel & Kjaer is a Melbourne-based environmental monitoring services provider.
The measuring devices manufacturer also said Macquarie will sell its 50% stake in EMS B&K - which it acquired for AUD76.6 million in December 2017 - to the environmental management technology company.
Spectris will receive AUD35 million cash, less repayment of EMS Bruel & Kjaer's debt facility on completion, and 10 million shares in Envirosuite.
The sale of Spectris' interest in EMS B&K is another step in simplifying the group's portfolio, Spectris said.
Shares in Spectris were up 0.6% at 2,818.00 pence each on Friday in London.
By Ife Taiwo; [email protected]
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