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Shares in FTSE 250 BBA Aviation (LON:BBA) rose by 2.06% to 297.80p (as of 14:15 BST) after the company announced the acquisition of Firstmark for a $97 million consideration. Firstmark is an aerospace focused aftermarket service provider with facilities in North Carolina and New York. It is expected to contribute revenues of around $27 million during the first year of ownership.
The purchase is subject to government and regulatory approval and is expected to complete in late 2018.
Chief executive Mark Johnstone said: “We are pleased to have reached an agreement to acquire Firstmark. This acquisition fully supports the strategic growth of Ontic by expanding the portfolio of proprietary products on established civil and military aircraft platforms and adding footprint on the US East Coast.“