British precision instrument supplier Spectris plc said on Thursday it has agreed to take over SciAps Incorporated, which is based in Boston in the US state of Massachusetts.
Spectris plc has agreed to acquire SciAps Incorporated for consideration of up to $260 million comprising up-front consideration of $200 million plus a deferred element of up to $60 million payable on the delivery of agreed financial metrics, the company said.
SciAps is a specialist provider of handheld instruments leveraging X-ray fluorescence and laser induced breakdown spectroscopy techniques for materials analysis.
Spectris plc expects the acquisition will be accretive to earnings in the first year of ownership.
Following the transaction, the group will remain in a net cash position with further balance sheet capacity.
At the end of May, Spectris had a net cash position of £398 million ($507 million).