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Bids, Mergers and Takeovers

James Fisher acquires Hughes Sub Surface

11 August 2016 07:52

James Fisher & Sons has acquired Hughes Marine Engineering Limited, the holding company of Hughes Sub Surface Engineering Limited.

The initial consideration is £9.0m in cash, with further future consideration of up to £1.0m subject to certain profit targets being met by 28th February 2017. Hughes Sub Surface's profit before taxation for the 12 months to end April 2016 was £1.6m (unaudited). Hughes Sub Surface was founded in Liverpool in 2005 to provide commercial diving and civil engineering services to underwater projects. The business operates in the marine renewables, power generation, oil and gas, and inshore civil engineering sectors.

James Fisher chief executive Nick Henry said: "The operations of Hughes Sub Surface are complementary to those of James Fisher and, combined, they will broaden our range of services to the market, particularly to the renewable energy industry offshore. We are delighted to welcome all our new colleagues to the Group and look forward to working with them."

Story provided by StockMarketWire.com

Related Company: FSJ

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