Partner Article

Tech firm makes £10m swoop

MOBILE technology firm Filtronic, which employs around 125 at its Newton Aycliffe factory, has agreed a £10.7m deal to acquire a fellow UK telecoms firm.

The company which designs and manufacturers microwave electronics products for the wireless telecoms infrastructure market, will snap up Isotek for a consideration of £4.35m plus 18,500,000 new Filtronic shares.

Isotek develops and markets telecoms products for a range of wireless infrastructure applications.

According to Filtronic, the Acquisition furthers its strategy to create a differentiated, high growth, wireless business through organic growth and selective acquisition .

It also gives it access to innovative new IP to capitalise on very strong growth of 3G/4G related mobile data traffic.

The deal is expected to boost annual turnover by £15m by 2012.

Chairman Howard Ford said “This is a transformational deal for both companies which will be attractive to all stakeholders.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .