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Senior PLC on Friday reported that the closing conditions for its acquisition of Spencer Aerospace Manufacturing LLC are progressing ‘satisfactorily’.
The Hertfordshire, England-based maker of engineering components said it will ‘likely’ receive the final regulatory approval around the end of the current calendar year.
At that point, the company expects the acquisition to be completed.
Spencer Aerospace is a Valencia, California-based maker of high-pressure hydraulic fluid fittings for use in commercial and military aerospace applications.
The takeover was initially announced in June. Senior will pay a consideration of $60 million in cash, half now and half in 12 months, plus up to $40 million more in milestone payments based on Spencer's financial performance.
The company said the acquisition will be funded from its existing borrowing facilities.
Shares were trading 3.6% higher at 136.80 pence each on Friday morning in London.
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