Ultra Electonics, a technology company with interests in defence, transport and energy, has acquired satellite company Giga Communcations along with its associated businesses in Australia and the US.
The £12.4m initial cash consideration will be followed by an additional £24.6m, subject to earnings growth over the next two years.
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The acqusition is being financed through Ultra's existing funds and is set to become earnings enhancing in the current calander year.
The share price fell 1.49% to 1,651p by 13:57.
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