Wilmington acquires Financial Research Associates for $20.6m

7th Jul 2015 11:38

Information service firm Wilmington has acquired US based Financial Research Associates in a deal worth up to £13.2m.Wilmington said the buyout of the events firm would strengthen its presence in North America.The deal involves an initial payment of $13m , with $3m deferred and a further $4.6m subject to revenue targets being met.Wilmington said the acquisition was to be funded through existing debt facilitates and would be earnings enhancing in the first full-year of ownership.Numis said in a research note e-mailed to clients the deal was a good fit, and noted the shares were at good value.Analysts retained a 'buy' rating and price target of 315p after news of the acquisition broke."All in this looks a sensible deal with good strategic fit to Wilmington's existing business, the increased footprint in the US a positive," Numis said.Shares in Wilmington were up 2.06% to 260.25p at 12:01.