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.  

 

Transaction Details:

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