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Spectris completes disposal of EMS into Macquarie JV
Spectris announced on Thursday that it has completed the disposal of EMS Brüel & Kjær, the environmental monitoring business, into a joint venture with Macquarie Capital for a total cash consideration of £44m.
The FTSE 250 firm had initially announced on 14 December that it had signed an agreement with Macquarie Capital for them to acquire 50% of the environmental monitoring business for a total cash consideration of AUD 76.6m, subject to closing adjustments.
At the time it said the sale was expected to close early in the second quarter of 2018, subject to regulatory approvals in China, the European Union and South Korea.
It said the net proceeds from the sale would be used to reduce net debt, thereby increasing the group's financial flexibility for future capital deployment.
"We are delighted to partner with Macquarie Capital," said chief executive John O'Higgins.
"This joint venture creates a significant opportunity for us to collaborate on the industrial internet of things.
"We look forward to a successful working relationship with Macquarie Capital to deliver this."