(Alliance News) - Diploma PLC on Monday said it completed the acquisition of Windy City Wire Cable & Technology Products LLC on Friday.
The FTSE 250-listed manufacturer of medical diagnostic instruments, seals and cables said the conditions to achieve completion of its acquisition of Windy City have been satisfied and completion took place on Friday.
In September, Diploma agreed a deal to buy US low voltage wire and cable supplier Windy City Wire for GBP357 million. It noted that WCW is a highly attractive business in a "core Diploma market" and expands its presence in the US.
At the same time, it launched a share placing to fund the acquisition, stating that completion of the purchase was subject to the receipt of the placing proceeds. In late September, Diploma raised GBP194 million through a share placing, subscription and retail offer.
Shares in Diploma were trading 0.2% lower at 2,272.00 pence each on Monday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Diploma (DPLM)