Norcros plc (LSE:NXR) agreed to acquire Merlyn Industries Ltd. from Broadlake Capital Limited, Michael Hoyne and others for £60 million on November 2, 2017. The consideration is subject to certain adjustments and will be satisfied through debt facilities and the net proceeds of capital raising. The transaction will be partly funded through the issue of 18.3 million new ordinary shares in Norcros at a price of 172 pence per share for gross proceeds of £31.4 million and remaining £30.1 million through the Norcros new banking facilities. For the year ended March 31, 2017, Merlyn Industries Ltd. reported revenue of £30.7 million and operating profit of £6.4 million. The board of Norcros intends to maintain the existing Norcros's dividend policy post completion of the acquisition. All employees of Merlyn Industries will continue to be employed by the enlarged group following completion. The deal is conditional upon approval of shareholders of Norcros plc. The transaction is expected to close on November 23, 2017. Norcros plc expects the acquisition to be earnings enhancing in the financial year ending March 31, 2019. Peter Terry, Gemma Hardy and Daniel Brecker of Grant Thornton Corporate Finance acted as financial advisors, Addleshaw Goddard Ltd. acted as legal advisor, Capita Asset Services (UK) Ltd. acted as registrar and PricewaterhouseCoopers LLP acted as accountant to Norcros plc. N M Rothschild & Sons Limited acted as financial advisor for Merlyn. Norcros plc (LSE:NXR) completed the acquisition of Merlyn Industries Ltd. from Broadlake Capital Limited, Michael Hoyne and others on November 23, 2017.