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Marlowe acquires WPL Limited in £10 million deal
StockMarketWire.com
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Software company Marlowe has acquired wastewater treatment and compliance services provider WPL Limited for an enterprise value of £10 million.
The total consideration of £10 million comprises a cash payment of £9.1 million and the issue of 147,652 new ordinary shares in Marlowe of £0.50 each. The consideration shares are subject to a two year lock-in.
An application has been made for the consideration shares to be admitted to trading on AIM, and it is expected that admission will occur at 8.00 am on or around 11 January 2021.
For the year to 31 October 2020, WPL generated revenues of £9.5 million, profit before tax of £1.8 million and had net assets of £4.5 million.
Alex Dacre, chief executive of Marlowe, said: The acquisition of WPL marks another significant step in the development of our strategy for water and air compliance services.
Following the acquisitions of Suez Water Conditioning Services in 2018 and Clearwater Technology in 2019, alongside a number of bolt-on acquisitions and strong organic growth, our water and air compliance business now generates run-rate revenue of over £100 million and has the broadest service capabilities and coverage in the UK. We look forward to the contribution that WPL will make to our continued growth in this market.
At 8:21am: (LON:MRL) Marlowe PLC share price was 0p at 535p
Story provided by StockMarketWire.com
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