discoverIE Group - Acquiring US sensor specialist
discoverIE is acquiring Magnasphere, a US-based designer and manufacturer of magnetic sensors and switches for cash of £19.1m. The business will operate within the Variohm cluster in the Sensing & Connectivity division. The deal fits well with the group’s strategy, providing strong operating margins (28% in CY21) and good growth prospects, as well as further access to international markets. We estimate the deal is likely to improve FY24 underlying operating margin by c 0.3pp to 11.5% and FY24 EPS by c 1.8%. We will update our forecasts when the deal closes, with vendor shareholder approvals expected in Q423.
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- discoverIE Group - Acquiring US sensor specialist22 Dec 2022