Volex PLC on Friday said it will pay the four former owners of Murat Ticaret Kablo Sanayi AS a deferred consideration after the acquisition beat earnings targets.
The Hampshire, England-based specialist integrated manufacturer of critical power and data transmission products bought the Turkish wiring harness manufacturer for €136.5 million in initial cash in 2023.
Volex said the acquisition has exceeded earnings before interest, tax, depreciation and amortisation targets set in the acquisition agreement during the first 12 months. Therefore, the company will pay the first part of deferred consideration to the former owners.
The company will pay 50% of the consideration in ordinary shares. Volex said it will pay €10 million in cash and issue around 2.9 million ordinary shares in Volex to the former owners.
It said it expects admission of the new shares on January 8.
Shares in Volex were down 0.3% to 272.65 pence in London on Friday morning.
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