UK's Volution Group rises on $190 mln deal for Fantech Group
20/09/2024 13:12
** Shares of ventilation products supplier Volution FAN.L
jump 10.65% to 613p; top gainer on FTSE all share index .FTAS
** Co to buy Fantech Group in Australasia for A$280 mln
($190.7 mln)
** Deal includes initial consideration of A$220 mln along
with a non-contingent portion of A$60 mln
** Co expects deal to add to earnings immediately upon
completion
** FAN maintains adjusted operating margin after deal close
above long-term target of 20%
** Separately, brokerage Berenberg raises price target to
700p from 600p
** Stock up ~40% YTD
($1 = $1.0000)
($1 = 1.4684 Australian dollars)
(Reporting by Yamini Kalia in Bengaluru)
((Yamini.Kalia@thomsonreuters.com;))