Judges Scientific plc (AIM:JDG) acquired Geotek Coring Limited for £80 million on May 23, 2022. The purchase price of Geotek consists of the following:·The initial price, paid in cash at completion, amounts to £45 million ("Initial Consideration").·Potential further contingent consideration of up to a maximum £35 million ("Earn-out") to be satisfied half in cash and half in new ordinary shares in Judges to be issued at a price of £76.80 per new ordinary share, Judges' prevailing share price at the time of signing heads of terms with Geotek's vendors. ·The Earn-out starts to become payable on achievement of a minimum adjusted EBIT of £6.4 million for the calendar year 2022 increasing pro rata on a 7:1 ratio until it reaches a cap when an adjusted EBIT of £11.4 million is achieved. ·An additional payment will also be due if there is an excess cash balance at the completion date over and above the ongoing requirements of the business.  The Board expects any such payment to be covered by the cash inherited at the completion date. The cash consideration for the Acquisition is being financed from a new £100 million club facility led by Lloyds Banking Group plc alongside Santander UK plc and Bank of Ireland. Under the terms of the deal, Geotek Managing Director Tony Bosley will remain in post to drive the business forward, while Geotek's founders Chairman Peter Schultheiss and Service Director Quentin Huggett will enter into one year service contracts. Shore Capital Markets Limited acted as financial advisor for Judges Scientific plc (AIM:JDG). Leon Arnold, Malin Svanberg Larsson and Ben Filmer of Freeths LLP acted legal advisors to Geotek Coring Limited. Robert Darwin of Sidley Austin provided legal counsel to Judges Scientific.

Judges Scientific plc (AIM:JDG) completed the acquisition of Geotek Coring Limited on May 23, 2022.