Renew subsidiary Excalon acquires PWR-X for £1.1m

(Sharecast News) - Renew Holdings said on Monday that its Excalon subsidiary had acquired PWR-X for £1.1m, expanding its capabilities in the high-voltage power market.

The AIM-traded engineering services group, which focuses on the maintenance and renewal of critical UK infrastructure, said PWR-X provided specialist cable jointing services to the power industry.

Renew said the acquisition represented a strong strategic fit, broadening Excalon's capabilities and enhancing its offering in the high-voltage power market.

The total consideration was £1.1m on a cash-free, debt-free basis, including an initial cash payment of £0.75m funded from Renew's existing banking facilities.

The company said it continued to evaluate a pipeline of further acquisitions in line with its strategy.

At 1256 BST, shares in Renew Holdings were down 0.65% at 912p.

Reporting by Josh White for Sharecast.com.

See latest RNS on Investegate

Renew Holdings