Horizon Technology Group has completed the €15.5m acquisition of EquIP Technology and placed more than seven million new ordinary shares with institutional investors.UK-based EquIP specialises in the enterprise security and IP networking market.
In its last set of audited results for the eight months to October 31 last year, Equip had revenues of €24.8m and profit before tax of €1.2m. Some €11.8m of the €15.5m acquisition is payable when it is completed. The balance is to be paid during the following year. Horizon says that the acquisition will be funded through a combination of the placing and bank debt.
breakingnews.iol.ie
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