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Health, safety, and environmental technology group Halma (LON:HLMA) has announced the acquisition of Navtech Radar, a specialist in radar surveillance and safety applications. The agreed initial consideration is £21 million, which will be paid from existing reserves. Further cash payments may be due over the next three financial years depending on results.
Andrew Williams, Halma’s Chief Executive, said: “Navtech is an exciting addition to our Infrastructure Safety business and builds on our existing strengths in sensing vehicles, people and assets for safety and control applications. It has valuable IP in radar-based hardware and software solutions and also adds a new presence in the fast growing highway and critical infrastructure safety market niches. As well as adding these new capabilities to the Group, I am confident that Navtech will benefit from all of Halma’s strategic Growth Enablers, including International Expansion and Digital Growth, to accelerate and sustain growth in the future“.
The company’s share price rose by 2.2% to 1,338p (as of 12:45p).