discoverIE Group plc (LSE:DSCV) acquired Santon Holland bv from Maartin Reddering for €49.5 million on February 1, 2018. Pursuant to the terms of transaction, discoverIE Group will pay initial consideration of €27 million on debt free, cash free basis. The initial consideration includes a cash payment of €26 million, funded from the existing debt facilities of discoverIE Group and €1 million via issuance of 0.22 million new ordinary shares of discoverIE Group. An application has been made for admission of new ordinary shares to the official list of Financial Conduct Authority. discoverIE Group will also pay a contingent consideration of up to €22.5 million, payable in next three years subject to Santon achieving certain growth targets. discoverIE Group will also reimburse €2.5 million to Maartin Reddering for recent capital expenditure on the automation of Santon's production facilities and will also invest a further €2.5 million over the coming year to provide additional capacity for growth. Post-completion, Santon will operate within the Design & Manufacturing division of discoverIE Group and will retain it distinct brand identity. The General Manager of Santon, Maartin Reddering will be retained on his current role along with his team. The transaction is expected to be earning accretive for discoverIE Group from the next financial year, beginning on April 1, 2018. IRIS CF B.V. acted as a financial advisor to Maartin Reddering. Amanda Hall and Nick Standen of Quercus acted as financial advisors to the Board of discoverIE. discoverIE Group plc (LSE:DSCV) completed the acquisition of Santon Holland bv from Maartin Reddering on February 1, 2018.