Volex plc (AIM:VLX) agreed acquire Murat Ticaret Kablo Sanayi Anonim Sirketi for approximately ?180 million on June 22, 2023. The consideration of up to approximately ?178.1 million will be satisfied through ?136.5 million in initial cash consideration; and up to ?41.6 million of deferred contingent consideration payable over two years subject to financial performance in each of the two years, to catch up rights and to satisfy the deferred contingent consideration entirely in cash, or up to approximately 50% in Volex ordinary shares, at its discretion. In related transaction, Volex is raising approximately ?69.91 million to part-fund the initial cash consideration for the Acquisition. The initial cash consideration of ?136.5 million will be satisfied by the net cash proceeds from the Fundraising of approximately ?68.4 million and the remaining ?68.1 million balance will be funded from existing and amended debt facilities. The year ended December 31, 2022, Murat Ticaret generated consolidated revenue and underlying EBITDA of approximately ?158 million and ?33 million respectively and net assets of approximately ?69 million. The Acquisition is expected to complete in two to three months, subject to approval by the Turkish and Macedonian competition authorities. Ed Allsopp, Mike Bell, Tom Ballard, Ben Harrington, Sohail Akbar and Jock Maxwell Macdonald of Peel Hunt LLP acted as a nominated financial advisor to Volex. Elvan Aziz and Serdar Ildirar and Togan Turan of Paksoy Ortak Avukat Burosu acted as a legal advisor to Volex plc. Gowling WLG acted as a legal advisor to Volex.

As on August 7, 2023, Turkey and Macedonia competition authorities approved the deal. All conditions have been fulfilled. The transaction is expected to complete at the end of August.

Volex plc (AIM:VLX) completed the acquisition of Murat Ticaret Kablo Sanayi Anonim Sirketi on September 1, 2023.