Business
Acquisition completion - Silvertel
Acquisition completion - Silvertel.
About this update from Discoverie Group Plc
[{"type":"text","content":"\n\n7.00am, 31 August 2023\n \n \ndiscoverIE Group plc\n \nAcquisition completion - Silvertel\n \n \ndiscoverIE 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. \n \nThe 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 £21m 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 £23m 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.\n \nFounded 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.\n \nFor further information please contact:\ndiscoverIE Group plc 01483 544 500\nNick Jefferies, Group Chief Executive\nSimon Gibbins, Group Finance Director\nLili Huang, Head of Investor Relations\n \nBuchanan &nb...