Imperial Innovations sells Permasense portfolio business

3rd Oct 2016 15:20

(ShareCast News) - AIM-listed Imperial Innovations has sold its portfolio company Permasense to Fortune 500 company Emerson Electric for an initial consideration of £30.6m in cash.Further amounts of up to £10m may be paid in addition, subject to the Permasense business achieving certain performance targets during the next 13 months. Imperial Innovations owned a 23% equity stake in Permasense on completion. As at 31 January 2016, this had a net investment carrying value of £1.8m.The initial consideration has generated net proceeds to Innovations of £3.7m. In addition, an equal payment of £3.7m will be distributed to Imperial College as revenue share.Permasense specialises in continuous integrity monitoring for the oil & gas production, refining and power industries, providing real-time data-to-desk measurement of fixed equipment wall thicknesses in inhospitable and inaccessible environments.Jon Edington, director of Technology Ventures at Imperial Innovations, said: "Permasense is a great example of Innovations working with Imperial College to commercialise IP and build ambitious and successful businesses."Emerson's global presence and financial strength will allow Permasense to further enhance its market leading position, broaden its international reach and invest in further product development."At 1415 BST, Imperial shares were up 1.4% to 441.06p.