(Alliance News) - Oxford Instruments PLC on Wednesday said its has completed the acquisition of French camera designer First Light Imaging SAS.
Oxford instruments is an Abingdon, England-headquartered company that provides technology and services to industrial companies and scientific researchers.
First Light, a Meyreuil, France-based scientific camera designer, will become part of Oxford Instruments Andor, the company's imaging-focused subsidiary.
First Light generated about EUR8.0 million in revenue in 2023, and Oxford Instruments says that its products are "highly complementary" to its existing camera portfolio. The company also said the two share a "global customer base spanning leading academic institutions and commercial companies".
Oxford Instruments will pay an initial consideration of EUR15.7 million for First Light. A subsequent payment of EUR3.0 million will be dependent on First Light's performance over a 12-month period following the deal's completion. The purchase is on a cash-free, debt-free basis.
Oxford Instruments Chief Executive Officer Richard Tyson said: "Joining forces will significantly enhance our world-class camera offering to our combined customer base and drive First Light's next phase of growth as part of the wider group.
"Our expanded portfolio will help us accelerate our customers' roadmaps in the life science market and in physical sciences, a long-standing area of strength for Oxford Instruments."
Shares in Oxford Instruments were flat at 2,275.00 pence each in London on Wednesday morning.
By Hugh Cameron, Alliance News reporter
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Oxford Instruments (OXIG)