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Duke Royalty Ltd - Guernsey-based royalty finance provider - Make follow-on investment of GBP3.1 million into existing royalty partner InTec Business Solutions Ltd in order to fund its latest acquisition.
InTec is looking to acquire IT managed services business Astec Computing UK and will increase Duke's total investment in InTec to GBP17.1 million.
"We are pleased that InTec continues to execute on their buy and build strategy with this bolt-on investment of a highly compatible IT services business. Intec invests in long-term profitable businesses with Astec benefitting from a long standing and loyal customer base that provides attractive recurring revenue characteristics," says Chief Executive Officer Neil Johnson.
Current stock price: 41.55 pence
12-month change: up 15%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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