Spectris PLC Environmental Monitoring JV with Macquarie Capital (2993Z)
14 December 2017 - 6:00PM
UK Regulatory
TIDMSXS
RNS Number : 2993Z
Spectris PLC
14 December 2017
SPECTRIS PLC
SPECTRIS TO ESTABLISH JOINT VENTURE WITH MACQUARIE CAPITAL
FOR
ENVIRONMENTAL MONITORING BUSINESS
14 December 2017 - Spectris plc ('Spectris') (LSE: SXS), the
productivity-enhancing instrumentation and controls company, today
announces that it has signed an agreement with Macquarie Capital,
the corporate advisory and principal investment arm of Macquarie
Group, for them to acquire 50% of Spectris' environmental
monitoring business EMS Brüel & Kjær ('EMS B&K') for a
total cash consideration of AUD76.6 million (GBP43.4 million),
subject to closing adjustments. The sale is expected to close early
in the second quarter of 2018, subject to regulatory approvals in
China, the European Union and South Korea. The net proceeds from
the sale will be used to reduce net debt, thereby increasing the
Group's financial flexibility for future capital deployment.
EMS B&K is a global provider of environmental monitoring
services to airports, cities, mines and construction companies. The
business will now benefit from accelerated investment which will
help create additional solutions and services that enable asset
owners to monitor and manage their resources more effectively.
Macquarie Capital's expertise as a world-leading infrastructure
advisor and investor will be of great benefit to the new joint
venture in its next stage of development.
Commenting on the transaction, John O'Higgins, Chief Executive,
said: "We are delighted to partner with Macquarie Capital. This
joint venture creates a significant opportunity for us to
collaborate on the industrial internet of things. We look forward
to a successful working relationship with Macquarie Capital to
deliver this."
Daniel Wong, Global Co-Head of Energy and Infrastructure at
Macquarie Capital, said:
"This investment is an integral part of Macquarie Capital's
focus on technology applying to infrastructure (InfraTech). This is
recognition that a number of technologies can now bring significant
benefit in the construction, operation and maintenance of
infrastructure assets. Macquarie looks to leverage its presence in
the infrastructure sector and knowledge of technology to take a
leading position in this space and we see this new venture with EMS
B&K as a first step into this fast growing market."
- ENDS -
Contacts:
Spectris plc
John O'Higgins, Chief
Executive +44 1784 470470
Clive Watson, Group Finance
Director +44 1784 470470
Siobhán Andrews,
Head of Corporate Affairs +44 1784 470470
FTI Consulting
Richard Mountain / Susanne 44 203 727
Yule 1340
ABOUT SPECTRIS
Spectris plc is a leading supplier of productivity-enhancing
instrumentation and controls.
The Company's products and technologies help customers to
improve product quality and performance, improve core manufacturing
processes, reduce downtime and wastage and reduce time to market.
Its global customer base spans a diverse range of end user markets.
Spectris operates across four business segments which reflect the
applications and industries it serves:
Materials Analysis, Test and Measurement, In-line
Instrumentation and Industrial Controls. Headquartered in Egham,
Surrey, United Kingdom, the Company employs approximately 9,000
people with offices in more than 30 countries. For more
information, visit www.spectris.com.
ABOUT MACQUARIE GROUP
Macquarie Group Limited ('Macquarie') is a diversified financial
group providing clients with asset management and finance, banking,
advisory and risk and capital solutions across debt, equity and
commodities. Founded in 1969, Macquarie employs 13,966 people in 27
countries.
At 30 September 2017, Macquarie had assets under management of
GBP277.2 billion. For further information, visit
www.macquarie.com.
ABOUT MACQUARIE CAPITAL
Macquarie Capital is the advisory, capital markets and principal
investment arm of Macquarie Group. Macquarie Capital provides
strategic M&A and capital raising advice as well as partnering
with clients by investing capital into their projects and
companies. Globally, Macquarie Capital focuses on six core sectors:
infrastructure, utilities and renewables; real estate;
telecommunications, media, entertainment and technology; resources;
industrials; and financial institutions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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