Industrial acquisition firm Stirling Industries is said to be close to snapping up Apple Watch supplier Ipsen International for £190m.
Aim-listed Stirling, which was set up last year, is on the brink of closing the takeover of Ipsen, which provides heat treatment services for hardening steel in products across a range of industries.
The sale will be secured with Quadriga Capital, the Frankfurt-based private equity owner of Ipsen, Sky News reported.
The deal is set to value the German firm at roughly £190m, which would be funded through a mixture of equity and debt.
In a statement issued to the stock market this morning, Stirling said it is in “advanced discussions” over a potential acquisition, and requested a temporary suspension of trading.
Ipsen is a major supplier to Apple, providing steel treatment for its watch products. The firm also provides services for GE’s aircraft engines.
The takeover, which could be announced ahead of Stirling’s annual general meeting later this month, would mark the company’s first acquisition.
Stirling has received backing from major investors including Investec Asset Management and Axa Investment Managers, and has touted an “acquire, develop and sell” strategy.
A spokesperson for Stirling declined to comment.
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