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(Sharecast News) - Engineering contractor Van Elle has acquired Scottish piling and drilling business Albion Drilling for a total consideration of up to £3.5m.
Van Elle said on Tuesday that it will make an initial consideration of £2.1m, funded from existing cash resources and partial use of its funding facility, and £600,000 satisfied through the issue of 1.45m new ordinary.
In addition, Van Elle will pay a deferred cash consideration of up to £80,000 subject to the achievement of certain criteria over a two-year period.
The AIM-listed firm said the addition of Albion was a "complementary and strategically aligned bolt-on acquisition", which expands its presence in Scotland and further extends its technical capabilities.
Chief executive Mark Cutler said: ''The acquisition of Albion represents an exciting and important step towards the delivery of our growth strategy in the energy sector. It also broadens the group's range of specialist capabilities and customer base."
As of 0945 GMT, Elementis shares were up 2.89% at 142.20p.
Reporting by Iain Gilbert at Sharecast.com
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