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Ashtead Technology Holdings PLC - Aberdeenshire-based subsea equipment rental firm - Completes acquisition of specialist subsea dredging technology firm WeSubsea AS for £5.6 million on a cash-free, debt-free basis. WeSubsea is also based in Aberdeenshire.
For financial 2021, WeSubsea generated revenue of £1.9 million, and adjusted earnings before interest, tax, depreciation and amortisation of £900,000. Ashtead expects the purchase to be earnings-enhancing and exceed its cost of capital in its first full-year ownership.
Chief Executive Allan Pirie comments: ‘I am delighted that we have now completed what is the group's sixth acquisition in the past five years. We have acquired an outstanding business and reinforced our commitment to broadening our capability and service offering through mergers & acquisitions to support customers' operations globally.’
Current stock price: 260.00 pence, up 6.1% on Wednesday
12-month change: up 60%
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