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(Sharecast News) - Engineering firm IMI has agreed to buy iSMA Controlli, an Italian buildingautomation specialist, in a deal valued at 63m, with the business set to join the group's climate control division.
IMI said the acquisition brings iSMA Controlli's open, scalable automation platform into its smartconnected product offering, broadening the company's capabilities in monitoring and optimising commercial building performance.
The FTSE 100-listed group added that iSMA Controlli was expected to generate around 40m in revenues and 4.5m of operating profits in 2026.
IMI added that the deal will be funded from existing facilities and was slated to complete in the fourth quarter, subject to regulatory approval.
Chief executive Roy Twite said: "We are delighted to welcome the iSMA CONTROLLI team to IMI. The acquisition aligns IMI even more closely with the long-term megatrends of energy and automation, and strengthens our ability to deliver smartconnected solutions that help customers optimise building performance, improve energy efficiency and lower operating costs.
"iSMA CONTROLLI is particularly well positioned to address the needs of underserved small and medium-sized commercial buildings, and we are excited by what we can achieve together."
As of 0900 BST, IMI shares were down 0.32% at 3,138p.
Reporting by Iain Gilbert at Sharecast.com
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