Halma PLC on Monday announced the acquisition of Lamidey Noury Medical in an effort to boost its Healthcare sector offering.
The Amersham, England-based life-saving technology company bought the Paris-based electrosurgical device firm for €50 million in cash, on a cash- and debt-free basis. The acquisition is funded from existing lending facilities.
LNM devices are minimally invasive and used across urology, gynaecology, and general surgery in more than 60 countries, Halma noted.
In the 12 months to October, LNM generated €13.6 million in revenue with an earnings before interest and tax margin at the upper end of Halma’s target range of 19% to 23%.
Chief Executive Officer Marc Ronchetti said: ‘Lamidey Noury is an exciting acquisition which will bring new minimally invasive surgical product capabilities to our Healthcare Sector...It is adjacent to our existing presence in diagnosis and biopsy devices for these diseases through Rovers Medical Devices and IZI Medical. We are delighted to welcome Lamidey Noury to Halma and look forward to supporting its development as it continues to scale its business globally.’
Going forward, LNM will remain a standalone company within Halma, led by its existing management team.
Halma shares were up 0.6% at 2,518.00 pence each in London on Monday morning.
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