(Sharecast News) - Volex announced that its acquisition of Murat Ticaret had moved a step closer on Monday, as it received the go-ahead from two relevant competition regulators.
The AIM-traded manufacturer of critical power and data transmission products confirmed that it had secured the necessary competition authority clearances in both Turkey and Macedonia for its acquisition of Murat Ticaret Kablo Sanayi.
With the approvals in place, Volex said it expected that the finalisation of the acquisition process would occur by the end of the month.
"We are pleased to have received the clearances from the Turkish and Macedonian competition authorities," said Volex executive chairman Nat Rothschild.
"Murat Ticaret is a transformational acquisition which further diversifies the group, providing significant exposure to a new, global off-highway manufacturing end market, and will accelerate the progress against our five-year plan."
Rothschild said that since announcing the transaction in June, Volex had been developing its integration plans, working closely with local management to explore how a combination of the two businesses would benefit customers and generate value for shareholders.
"We are also delighted with the positive engagements we have had with Murat Ticaret's major customers, and excited by the opportunities emerging to grow these relationships through Volex's global footprint and advanced manufacturing capabilities."
At 0814 BST, shares in Volex were up 0.52% at 296.02p.
Reporting by Josh White for Sharecast.com.
Volex (VLX)