Duerr shares jump on BBS Automation acquisition

Duerr AG

13/06/2023 08:16

** Shares in Duerr  DUEG.DE  rise 3.5%, topping Germany's
mid-cap index  .MDAXI , after the German machinery maker agreed
to buy BBS Automation Group
    ** The company said late on Monday it would acquire 100% of
Rome Holdco Gmbh, the holding company of BBS Automation Group
    ** The enterprise value of BBS Automation is 440-480 million
euros ($475-518 million), Duerr says
    ** It says the deal will be financed from cash flow and
through existing financing instruments and a bridging loan
    ** "Price looks okay, although information of current EBITDA
margin is missing," a local trader says, adding the acquisition
should be viewed as a positive strategic move
    ** The company's 2023 financials will not be materially
impacted by acquisition
    ** Duerr expects to close the transaction at the end of Q3
or the beginning of Q4
    ** The stock is on track for best day since March

($1 = 0.9266 euros)

 (Reporting by Ozan Ergenay)
 ((ozan.ergenay@thomsonreuters.com))