REG - discoverIE Group plc - Acquisition completion - Silvertel

DiscoverieAnnouncement

31/08/2023 07:00

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RNS Number : 8506K  discoverIE Group plc  31 August 2023

7.00am, 31 August 2023

 

 

discoverIE Group plc

 

Acquisition completion - Silvertel

 

 

discoverIE Group plc (LSE: DSCV, "discoverIE" or the "Group"), a leading
international designer, and manufacturer of customised electronics to
industry, today announces that the acquisition of Silver Telecom Limited
("Silvertel") has been completed.

 

The acquisition of Silvertel was announced on 1 August 2023 subject to
approval under the UK National Security & Investment Act 2021, which have
now been received. Silvertel has been acquired for an initial cash
consideration of £21m on a debt free, cash free basis, before expenses,
funded from the Group's existing debt facilities. In addition, an earn-out of
up to £23m will be payable subject to Silvertel's performance in the next
four years. The acquisition is expected to be immediately accretive to Group
underlying earnings and underlying operating margin.

 

Founded in 1997, Silvertel is a UK designer and manufacturer of
differentiated, high performance Power-over-Ethernet ("PoE") modules and
complementary products for global industrial electronic connectivity markets
closely aligned with the Group's target markets. Silvertel, which is based in
Newport in South Wales, sells its products in over 70 countries. Silvertel
will be part of the Magnetics & Controls division retaining its distinct
brand identity.

 

For further information please contact:

discoverIE Group
plc
01483 544 500

Nick Jefferies, Group Chief Executive

Simon Gibbins, Group Finance Director

Lili Huang, Head of Investor Relations

 

Buchanan
020 7466 5000

Chris Lane, Toto Berger, Jack Devoy

discoverIE@buchanan.uk.com

 

 

 

 

Notes to Editors:

 

About discoverIE Group plc

 

discoverIE Group plc is an international group of businesses that design and
manufacture innovative electronic components for industrial applications.

 

The Group provides application-specific components to original equipment
manufacturers ("OEMs") internationally through its two divisions, Magnetics
& Controls, and Sensing & Connectivity. By designing components that
meet customers' unique requirements, which are then manufactured and supplied
throughout the life of their production, a high level of repeating revenue is
generated with long-term customer relationships.

 

With a focus on sustainable key markets driven by structural growth and
increasing electronic content, namely renewable energy, medical,
electrification of transportation, and industrial automation &
connectivity, the Group aims to achieve organic growth that is well ahead of
GDP and to supplement that with complementary acquisitions. The Group is
committed to reducing the impact of its operations on the environment with an
SBTi aligned plan to reach net zero. With its key markets aligned with a
sustainable future, the Group has been awarded an ESG "AA" rating by MSCI and
is Regional (Europe) Top Rated by Sustainalytics.

 

The Group employs c.4,700 people across 20 countries with its principal
operating units located in Continental Europe, the UK, China, Sri Lanka, India
and North America.

 

discoverIE is listed on the Main Market of the London Stock Exchange and is a
member of the FTSE250, classified within the Electrical Components and
Equipment subsector.

 

 

 

 

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