discoverIE Group plc Acquisition completion - Silvertel (8506K)
August 31 2023 - 1:00AM
UK Regulatory
TIDMDSCV
RNS Number : 8506K
discoverIE Group plc
31 August 2023
7.00am, 31 August 2023
discoverIE Group plc
Acquisition completion - Silvertel
discoverIE Group plc (LSE: DSCV, "discoverIE" or the "Group"), a
leading international designer, and manufacturer of customised
electronics to industry, today announces that the acquisition of
Silver Telecom Limited ("Silvertel") has been completed.
The acquisition of Silvertel was announced on 1 August 2023
subject to approval under the UK National Security & Investment
Act 2021, which have now been received. Silvertel has been acquired
for an initial cash consideration of GBP21m on a debt free, cash
free basis, before expenses, funded from the Group's existing debt
facilities. In addition, an earn-out of up to GBP23m will be
payable subject to Silvertel's performance in the next four years.
The acquisition is expected to be immediately accretive to Group
underlying earnings and underlying operating margin .
Founded in 1997, Silvertel is a UK designer and manufacturer of
differentiated, high performance Power-over-Ethernet ("PoE")
modules and complementary products for global industrial electronic
connectivity markets closely aligned with the Group's target
markets. Silvertel, which is based in Newport in South Wales, sells
its products in over 70 countries. Silvertel will be part of the
Magnetics & Controls division retaining its distinct brand
identity.
For further information please contact:
discoverIE Group plc 01483 544 500
Nick Jefferies, Group Chief Executive
Simon Gibbins, Group Finance Director
Lili Huang, Head of Investor Relations
Buchanan 020 7466 5000
Chris Lane, Toto Berger, Jack Devoy
discoverIE@buchanan.uk.com
Notes to Editors:
About discoverIE Group plc
discoverIE Group plc is an international group of businesses
that design and manufacture innovative electronic components for
industrial applications.
The Group provides application-specific components to original
equipment manufacturers ("OEMs") internationally through its two
divisions, Magnetics & Controls, and Sensing &
Connectivity. By designing components that meet customers' unique
requirements, which are then manufactured and supplied throughout
the life of their production, a high level of repeating revenue is
generated with long-term customer relationships.
With a focus on sustainable key markets driven by structural
growth and increasing electronic content, namely renewable energy,
medical, electrification of transportation, and industrial
automation & connectivity, the Group aims to achieve organic
growth that is well ahead of GDP and to supplement that with
complementary acquisitions. The Group is committed to reducing the
impact of its operations on the environment with an SBTi aligned
plan to reach net zero. With its key markets aligned with a
sustainable future, the Group has been awarded an ESG "AA" rating
by MSCI and is Regional (Europe) Top Rated by Sustainalytics.
The Group employs c.4,700 people across 20 countries with its
principal operating units located in Continental Europe, the UK,
China, Sri Lanka, India and North America.
discoverIE is listed on the Main Market of the London Stock
Exchange and is a member of the FTSE250, classified within the
Electrical Components and Equipment subsector.
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August 31, 2023 02:00 ET (06:00 GMT)
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