- Solid State
- 01 November 2024 09:39:52
Source: Sharecast
Solid State said on Friday that Q-Par, an antenna systems and related technologies distributor primarily for defence and security applications, will join its systems division.
The AIM-listed group stated the acquisition will be funded from existing cash resources, with an initial cash consideration of $500,00 payable on completion, with an additional $500,000 paid in the first week of January 2025.
A further deferred payment of $500,000 will be paid out in cash over a two-year period, while an earn-out consideration of a further $500,000 may be payable subject to exceeding certain growth and performance targets.
Chief executive Gary Marsh said: "The acquisition of Q-Par Antennas secures a valuable distribution channel and gives the group an opportunity to further invest in the medium-term growth opportunity in the US markets.
"As Solid State broadens its footprint and product offering in the US market, locally recognised and accredited sales channels enable scale, particularly into niche markets."
As of 0935 GMT, Solid State shares were up 4.35% at 240.0p.
Reporting by Iain Gilbert at Sharecast.com