28th Oct 2013 11:19
LONDON (Alliance News) - Ultra Electronics Holdings PLC Monday said it has acquired Basingstoke-based wireless products and services company W&D Holdings Ltd for an initial cash consideration of GBP6 million.
The defence, security, transport and energy company said that it acquired W&D Holdings from its owner management team, and said that as well as the initial cash consideration, additional payments of up to GBP1 million will be made, depending on earnings growth of the acquisition over the next year.
Ultra Electronics said that the acquisition will be financed from its existing facilities and expects its to boost earnings in 2014.
It said that W&D Holdings will continue to operate from its existing facilities as a bolt-in acquisition to its communication and integrated systems business. It also said that all of W&D Holdings' management team, including the founder Alan Wood, will stay with the business.
Shares in Ultra Electronics were down 1% Monday morning, at 1,896.00 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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