Oxford Instruments plc (LSE:OXIG) agreed to acquire WITec Wissenschaftliche Instrumente und Technologie GmbH for 42 million on June 16, 2021. As part of the transaction, out of 42 million, 5 million is conditional on trading performance over a period of 12 months following completion. WITec's Founders, Joachim Koenen and Olaf Hollricher will continue as Managing Directors and WITec brand will be retained in the new organizational structure. Completion is subject to regulatory approval of the transaction by the Federal Ministry for Economic Affairs and Energy (BMWi) in Germany. These conditions are expected to be satisfied during the second quarter of the Group's financial year. As of September 1, 2021, Federal Ministry for Economic Affairs and Energy (BMWi) have approved the transaction. WITec's reported unaudited revenue of 18.2 million for the twelve months to December 31, 2020. Thomas Sacher and Volker Germann, James Fletcher, Maximilian Uibelei-sen, Maria Held, Juditha von der Heydt, François Maartens Heynik, Fabian Klein, Bernd Bäumer, Michael Neary, Michael Sheng, Tracy Whiriskey, and Simon Brown of Ashurst acted as legal advisors to Oxford Instruments.
Oxford Instruments plc (LSE:OXIG) completed the acquisition of WITec Wissenschaftliche Instrumente und Technologie GmbH on September 1, 2021.