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197.50 -7.50 (-3.66%)

Bid:

195.00

Ask:

200.00

Spread: 5.00 (2.564%)

Market Cap: £112.04m

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IN BRIEF: Solid State completes Custom Power acquisition

Mon, 08th Aug 2022 11:19

Solid State PLC - Worcestershire, England-based computing products manufacturer - Completes the acquisition of Custom Power LLC, a Los Angeles-based battery systems manufacturer.

Back in July, the company said an initial cash consideration of USD30.0 million will be paid on completion and a deferred consideration of USD10.0 million will be payable in two equal tranches at six and 12 months post-completion. A further earn-out consideration of up to USD5 million is payable, subject to a revenue performance target of USD37.5 million on a 12-month basis.

Chief Executive Officer Gary Marsh comments: "We are delighted to have completed the transformational acquisition of Custom Power, which represents a step-change in our power business. The newfound scale and increasingly international offering open up opportunities in specialist and growth markets driven by decarbonisation and the drive for cordless power."

Current stock price: 1,122.10 pence

12-month change: up 11%

By Sophie Rose; sophierose@alliancenews.com