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Symphony gains 4% as company to acquire 95% stake in Australian firm

The acquisition will be executed at a valuation range of A$ 40-44 million (Rs 201 crore - Rs 22I crore) depending on the achievement of FY18F EBITDA (June ended), company said in release.

June 25, 2018 / 10:36 AM IST
 
 
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Shares of Symphony gained 4 percent intraday Monday as company is going to acquire 95 percent stake in Climate Technologies Pty. Australia.

The company has entered into a share sale agreement to effectively purchase 95 percent equity stake in Climate Technologies Pty through a new incorporated subsidiary company Symphony AU Pty, Australia.

The acquisition will be executed at a valuation range of A$ 40-44 million (Rs 201 crore - Rs 22I crore) depending on the achievement of FY18F EBITDA (June ended), company said in release.

Further, the valuation is subject to change based on customary closing conditions. The company plans to finance the acquisition through a judicious mix of debt and internal cash accruals, it added.

Headquartered in Adelaide, South Australia, Climate Technologies manufactures and sells evaporative air coolers, ducted gas heaters, and other cooling products in Australia and USA.

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Achal Bakeri, CMD and major shareholder at Symphony said, "This is an exciting opportunity for Symphony as Climate Technologies is a very strong strategic fit."

"This acquisition will provide Symphony access to new geographies such as Australia and a strong position in the US which is the largest air cooler market in the world," he said.

At 10:15 hrs Symphony was quoting at Rs 1,481.95, up Rs 43.50, or 3.02 percent on the BSE.

Posted by Rakesh Patil
Moneycontrol News
first published: Jun 25, 2018 10:29 am

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