Ultra Electronics buys specialist wireless products and services firm

28th Oct 2013 11:12

FTSE 250-listed Ultra Electronics has acquired a specialist wireless products and services company, W&D Holdings, which is based near Basingstoke, UK. The firm was acquired for an initial £6m, with further payments of up to £1m to be made based on earnings over the next year. The acquisition of W&D will be financed using Ultra's existing facilities and is expected to be earnings enhancing in 2014. Rakesh Sharma, Chief Executive of Ultra, said: "I am pleased that we have been able to bring W&D into the group as a part of [our] Communication & Integrated Systems (CIS) business. This acquisition supports Ultra's strategy of extending its capabilities in the communications sector. "W&D's technologies and broad geographic reach complement CIS's existing capabilities and will support planned growth in international markets."NR