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(Sharecast News) - Renew Holdings said on Monday that its Excalon subsidiary had acquired PWR-X for 1.1m, expanding its capabilities in the high-voltage power market.
The AIM-traded engineering services group, which focuses on the maintenance and renewal of critical UK infrastructure, said PWR-X provided specialist cable jointing services to the power industry.
Renew said the acquisition represented a strong strategic fit, broadening Excalon's capabilities and enhancing its offering in the high-voltage power market.
The total consideration was 1.1m on a cash-free, debt-free basis, including an initial cash payment of 0.75m funded from Renew's existing banking facilities.
The company said it continued to evaluate a pipeline of further acquisitions in line with its strategy.
At 1256 BST, shares in Renew Holdings were down 0.65% at 912p.
Reporting by Josh White for Sharecast.com.
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