DiscoverIE Group, a leading U.K. maker of electronic components, announced on Wednesday that it has acquired Slovakia's 2J Antennas Group for €52.5 million in cash. The company stated that the acquisition will be funded through its existing debt facilities.
As part of the deal, 2J Antennas will be integrated into DiscoverIE's sensing & connectivity division and establish a new technology cluster alongside its antenna business, Antenova. The merger aims to create a dominant player in the long-term growth of high-performance industrial wireless connectivity.
To support the expansion of the business and achieve operating synergies, DiscoverIE has made significant investments in additional management.
The company expects the acquisition to have an immediate positive impact on its underlying operating margin and underlying earnings in the first full year after completion.
"2J is a business that we have been familiar with for some time. It has a strong product range and engineering capability that perfectly complements our existing Antenova business," commented Chief Executive Nick Jefferies.
Jefferies also emphasized that combining the two companies will enable them to access a larger customer base in the industrial connectivity sector. They will benefit from a broader array of products and enhanced commercial support functions.
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