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Anite to acquire the trade and assets of Setcom

02 March 2015 08:27

Anite - a leading provider of test and measurement solutions to the international wireless market - has agreed to acquire the trade and assets of Munich-based Setcom Wireless Products GmbH and its sister company Setcom Wireless Products Ltd, based in Malta.

The initial consideration of £2.6m is payable in cash on completion and will be funded from Anite's existing cash resources.

Further consideration of up to £0.7m is payable in cash based on first year revenues.

The transaction is expected to complete by 1 April and will be integrated into Anite's Device & Infrastructure Testing business.

Chief executive Christopher Humphrey said: "I am delighted to announce this product acquisition which is expected to accelerate Anite's expansion in the application testing market. This fast growing market is being driven by increasing operator demand for new applications using the faster speeds of LTE. The acquisition broadens our Device & Infrastructure Testing portfolio in an adjacent market with complementary products, advanced technology and innovative engineers, saving us R&D time and cost.

"Anite's established market and technology leadership, and its substantial global sales and support footprint, combined with Setcom's market-leading, validated test packages for tier one operators, enhances Anite's offering and growth opportunities."

At 8:27am: (LON:AIE) Anite PLC share price was +0.75p at 91.5p

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