(Alliance News) - Alumasc Group PLC on Friday said the UK Competition & Markets Authority has cleared Alumasc's planned takeover of ARP Group.
Alumasc is a Kettering, England-based supplier of building and engineering products. ARP Group is a manufacturer and distributor of specialist metal rainwater and architectural aluminium goods. It comprises ARP Group Holdings Ltd and its subsidiary Aluminium Roofline Products Ltd; together with Rainwater Online Holdings Ltd and its subsidiaries Envelope Solutions Ltd and Cast Iron Superstore Ltd.
Alumasc expects the takeover to complete by December 31.
The acquisition is for a maximum of GBP10.0 million in cash. This includes an initial GBP8.5 million, payable at completion. Additional deferred consideration capped at GBP1.5 million is subject to ARP's performance over the two years ending November 2024.
ARP is expected to be immediately accretive to underlying earnings and will be funded from current cash and debt facilities, Alumasc said.
Alumasc shares were up 0.2% at 168.78 pence each on Friday morning in London.
By Tom Budszus, Alliance News slot editor
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Alumasc Group (ALU)