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SpiraxSarco Engineering PLC on Monday said it has finalised an agreement for the acquisition of Vulcanic SA.
Earlier in July, the thermal energy management and pumping company said it was in exclusive negotiations for the acquisition of Vulcanic from French private equity firm Qualium.
SpiraxSarco on Monday said it has now signed a binding agreement to buy Vulcanic, an industrial heating group.
SpiraxSarco will acquire Vulcanic for €261.7 million on a cash and debt free basis, which is subject to ‘customary closing adjustments’.
Regulatory approvals for the transaction in France and Germany are expected in the third quarter of this year.
Shares in SpiraxSarco were down 0.3% at 11,307.06 pence in London on Monday morning.
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