Halma plc acquisition of Ocean Optics (now known as: Ocean Insight)
Client and Buyer: Halma PLC
Halma is a UK based global group of life-saving technology companies. Halma is a member of the FTSE-100 with shares traded on the London Stock Exchange (HLMA.L). Halma is organized into three sectors: Safety, Medical and Environmental & Analysis.
Seller: Ocean Optics
Based in Largo Florida Ocean Optics is a photonics technology company. Now known as Ocean Insight, the company is a supplier of optical sensing systems that determine the color, brightness and chemical properties of a sample by measuring its interaction with light. The company is a market leader for miniature fiber optic spectrometers serving a wide range of markets including consumer electronics, process control, environmental monitoring, life sciences and medical diagnostics. Ocean Optics pioneered the optical measurement of pH in water and was a logical extension of Halma's technology in water into a new area: photonics.
The purchase price includes an initial cash consideration of $25.0 million (£13.6 million), funded from Halma's existing cash resources. The initial consideration assumes net assets at completion of $6.1 million (£3.3 million); any adjustment to net assets at completion will result in a dollar-for-dollar adjustment. Additional payments of $25.0 million (£13.6 million) were made based upon profit growth of the business between April 2004 and March 2006.
Broker/Dealer: Not Applicable (pre-FINRA regulation)
Completion: June 2004