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Bids, Mergers and Takeovers

Smiths to sell Trace Business for £75.5m

01 June 2017 14:10

Smiths Group has confirmed that it has entered into a binding agreement with OSI Systems to sell Trace, the explosive trace detection business, formerly owned by Morpho Detection for $75.5m.

In connection with its acquisition of Morpho Detection from Safran, Smiths had made commitments to the European Commission and the Department of Justice to sell the Trace Business.

The Company also confirmed that the sale is conditional upon regulatory approval in Portugal and the approval by the EC and DOJ of OSI Systems as a suitable purchaser.

Completion is expected in mid-2017.

At 2:10pm: (LON:SMIN) Smiths Group PLC share price was +10.5p at 1613.5p

Story provided by StockMarketWire.com

Related Company: SMIN

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