Fairey pays £19m for Servomex

Electronics group Fairey snapped up instruments company Servomex last week in a 185p-a-share deal that values Servomex at around £19.1m. The deal comes just a month after Fairey revealed the worst results in its 10-year history, with operating profits down nearly a third from £52.3m to £34.2m. Servomex chairman Terry Clements said the deal was […]

Electronics group Fairey snapped up instruments company Servomex last week in a 185p-a-share deal that values Servomex at around £19.1m.

The deal comes just a month after Fairey revealed the worst results in its 10-year history, with operating profits down nearly a third from £52.3m to £34.2m.

Servomex chairman Terry Clements said the deal was a good opportunity for the company to benefit from being part of a larger group.

The 185p-a-share price represents a premium of more than 55% to Servomex’s closing share price on April 7, the day before it announced it was in bid talks.