Ultra Electronics buys satellite firm
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.
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.
British-based Giga develops, manufactures, sells and supports fixed, mobile and transportable satellite earth stations. The company has recently received type approval to operate terminals on both the US Defense Satellite Communications System and the Wideband Global Satellite and has received contracts from the US Department of Defense.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
NR
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Skipton launches a retirement bond with monthly income – is it any good?
The building society has launched a new three-year fixed-rate bond for those aged 66 and over. Can it boost your retirement income?
By Katie Williams Published
-
Pensions: 140,000 pensioners to be hit by surprise tax demand
Tens of thousands of pensioners will be written to over the summer because their pensions have gone above the frozen income tax thresholds
By Chris Newlands Published