Acquisition of MicroSurgical Technology, Inc. by Halma plc

Acquisition of MicroSurgical Technology, Inc. by Halma plc PR Newswire LONDON, December 19, 2012 LONDON, December 19, 2012 /PRNewswire/ -- Halma, the leading safety, health and environmental technology group, today announces that the acquisition of MicroSurgical Technology, Inc. ("MST") was completed on 18 December 2012. MST designs, manufactures and markets ophthalmic surgical products, focusing on single-use devices used in cataract surgery. MST is located in Redmond, Washington, USA. The initial cash consideration is $57.0 million (£35.2 million) for the share capital plus $2.0 million (£1.2 million) for cash retained in the business. The combined consideration is adjustable Dollar for Dollar if the level of working capital at closing falls outside an agreed range. Contingent consideration of up to $43.0 million (£26.5 million) is payable if earnings for the two years to March 2015 exceed pre-determined targets. Audited accounts for the full financial year ended 31 December 2011 show revenue of $20.4 million (£12.6 million). Unaudited accounts for the first nine months of the financial year ended 31 December 2012 show revenue of $17.1 million (£10.6 million). MST is being acquired from management and several private shareholders. Existing management will remain in place and will continue to operate the business in Redmond. The acquisition, which is expected to be immediately earnings- enhancing, has been funded from Halma's cash and debt facilities.