30th Sep 2015 07:41
LONDON (Alliance News) - Strat Aero PLC on Wednesday said it has entered into an agreement to acquire unmanned aerial vehicle company Geocurve Holdings Ltd in cash and shares.
Geocurve is a privately-owned company which focuses on providing UAV-operated topographical surveys an inspection services, counting the likes of French energy company EDF Energy and UK construction firm Carillion PLC amongst its clients.
Strat Aero said the deal is in line with its strategy of building a vertically-integrated UAV product offering, covering all aspects of the value chain, including software, hardware and services.
Strat Aero will make an initial payment of GBP440,000 for Geocurve, split evenly between cash and shares.
"Geocurve is the first of a series of acquisitions the new management team has been evaluating, all of which have the potential to fast track Strat Aero's transformation into the first fully integrated global solutions provider focused on the rapidly growing UAV market," said Strat Aero Chief Executive Tony Dunleavy.
Shares in the company were up 24% to 5.43 pence on Wednesday morning, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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