Toumaz to acquire Frontier Silicon for up to 32.3 million sterling pounds

Toumaz to acquire Frontier Silicon for up to 32.3 million sterling pounds

Business news |
By eeNews Europe

The Group also announced the conditional placing of 285.6 millions new Ordinary Shares at a placing price of 10.25 pence, raising GBP 29.25 millions before expenses. The Placing Shares have been placed at a premium by finnCap with both new and existing institutional investors.

The acquisition would consist of an initial consideration of £27.06m in cash, of which £2.4m will be settled in New Ordinary Shares and a deferred consideration up to £5.2m to be paid, dependent on the performance of the Enlarged Group, in cash and shares.

“This acquisition is consistent with our strategy for providing ultra-low power, high performance wireless communications across the healthcare, fitness and consumer electronics markets“ commented Anthony Sethill, CEO of Toumaz.

“Bringing these two innovative UK technology companies will enable the enlarged Group to exploit the strengths and opportunities of both businesses“.

“This acquisition will also enable us to strengthen our commercial presence and provides us with essential engineering and R&D resource, allowing Toumaz to accelerate its profitable expansion towards becoming the global leader in complete wireless platforms.”

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