(Alliance News) - Halma PLC on Monday announced its acquisition of Rovers Medical Devices BV, for up to EUR91 million.
The Buckinghamshire, England-based safety equipment company said it will pay EUR85 million upfront, using its existing cash facilities for Oss, Netherlands-based Rovers. A further EUR6 million will be payable based on Rovers' performance up to March 31, 2025.
Rovers designs and manufactures sample collection devices used to diagnose and help prevent cervical cancer. Its Cervex-Brush product, Halma explained, is "widely recognised as the gold standard" in screening for the disease.
Halma added that Rovers, which generated EUR12.0 million in revenue in 2023, will be a standalone company within its Healthcare sector and retain its current management.
"Rovers will broaden the range of markets we serve in women's health and further strengthen our Healthcare sector's position in cancer diagnosis products," explained Halma Chief Executive Marc Ronchetti. "We are excited by the opportunities we see to increase Rovers' positive impact on public health.
"We expect its future growth to be driven by increasing global cervical screening rates, supporting the World Health Organization's strategy to accelerate the early detection of cervical cancer."
Shares in Halma were down 0.2% at 2,298.00 pence in London on Monday morning.
By Emma Curzon, Alliance News reporter
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Halma (HLMA)