Pinsent Masons advises Halma PLC on acquisition of Navtech Radar Ltd
International law firm Pinsent Masons has advised safety, health and environmental technology company Halma on its acquisition of Navtech Radar.
The Pinsent Masons team advising Halma was led by partner Andrew McMillan, senior associate Emma Callow and solicitor Kiren Matharu.
Halma purchased the UK-based designer and manufacturer of innovative radar surveillance solutions for an initial cash consideration of £21m on a cash and debt free basis.
Further earn-out considerations, capped at a total of £18m in cash, are payable dependent on profit growth in each of the three financial years to the end of March 2021. Navtech’s revenue in the year to 31 March 2018 was £6.2m.
The Group acquired the entire share capital of Navtech Radar Limited for an initial cash consideration of £25m (including acquired cash of £4m) with an earn-out of up to £18m payable for EBIT growth to 31 March 2021.
Andrew McMillan, partner at Pinsent Masons says: "Activity in the tech sector continues at a pace as businesses focus on strategic investments in innovation and technology. Successful transactions require a team that has the sectoral and commercial experience to aide a smooth and efficient delivery, and I'm delighted at the completion of this for Halma."