(Sharecast News) - Focusrite confirmed on Monday that it has drawn down its new loan, and completed the acquisition of Martin Audio and associated companies.
The AIM-traded audio equipment manufacturer had announced the acquisition on 19 December.
It had held a general meeting earlier on Monday, which duly approved the company's acquisition of the high-performance loudspeaker system provider.
"The acquisition of Martin Audio is a clear demonstration of our strategic aim to expand into complementary new markets," said Focusrite chief executive officer Tim Carroll at the initial announcement.
"Martin Audio is an established brand with solid financials that can instantly add value to the enlarged Group.
"Just as importantly, the business is culturally aligned with our existing operations."
At 1537 GMT, shares in Focusrite were up 2.44% at 643.3p.
Focusrite (TUNE)2 May 2024 13:49