Solid State PLC - Worcestershire, England-based computing products manufacturer - Completes the acquisition of Custom Power LLC, a Los Angeles-based battery systems manufacturer.
Back in July, the company said an initial cash consideration of $30.0 million will be paid on completion and a deferred consideration of $10.0 million will be payable in two equal tranches at six and 12 months post-completion. A further earn-out consideration of up to $5 million is payable, subject to a revenue performance target of $37.5 million on a 12-month basis.
Chief Executive Officer Gary Marsh comments: ‘We are delighted to have completed the transformational acquisition of Custom Power, which represents a step-change in our power business. The newfound scale and increasingly international offering open up opportunities in specialist and growth markets driven by decarbonisation and the drive for cordless power.’
Current stock price: 1,122.10 pence
12-month change: up 11%
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