Spectris plc (LON: SXS), the productivity-enhancing instrumentation and controls company, today announced that, together with Macquarie Corporate Holdings Pty Limited, it has agreed to divest the EMS Brüel & Kjær joint venture to Envirosuite Limited. Envirosuite is an environmental management technology company and is listed on the Australian Securities Exchange.
EMS B&K is a global provider of environmental monitoring services to airports, cities, mines and construction companies. It is jointly majority owned by Spectris and Macquarie (with equal 45% shareholding interests), with management holding the remaining minority interest. All issued shareholding interests in EMS B&K will be sold to Envirosuite under the terms of the transaction. For its share, Spectris will receive AUD35 million cash, less repayment of EMS B&K’s debt facility on completion, and 10 million shares in Envirosuite.
The transaction is conditional only on approval by Envirosuite’s shareholders at a meeting to be held in late February 2020 and the conditional placement of shares by Envirosuite required to fund the consideration for the transaction, with completion expected to take place shortly thereafter.
The sale of the Spectris plc interest in EMS B&K is another step in simplifying the Group’s portfolio. Envirosuite provides a range of environmental monitoring services and the addition of EMS B&K complements and expands their solution-as-a-service offering.