(Alliance News) - Marlowe PLC on Thursday announced the acquisition of WPL Ltd - which provides wastewater treatment services across the UK - for an enterprise value of GBP10 million.
Marlowe will pay GBP9.1 million in cash, with the remaining consideration to be satisfied by the issue of 147,652 shares. Following the issue, the London-based safety & compliance services firm will have 60.4 million shares issued overall.
Shares in Marlowe were down 0.2% at 630.00 pence on Thursday in London, making the consideration shares worth GBP930,000.
For the year to the end of October, WPL generated pretax profit of GBP1.8 million and revenue of GBP9.5 million.
"Following the acquisitions of Suez Water Conditioning Services in 2018 and Clearwater Technology in 2019, alongside a number of bolt-on acquisitions and strong organic growth, our Water & Air Compliance business now generates run-rate revenue of over GBP100 million and has the broadest service capabilities and coverage in the UK. We look forward to the contribution that WPL will make to our continued growth in this market," said Chief Executive Alex Dacre.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Marlowe (MRL)