TP Group PLC (LON:TPG) announced the acquisition of the entire issued share capital of Osprey Consulting Services for a maximum cash consideration of £3.5mln.
Osprey is a privately-owned consultancy company for safety and mission critical air space management and regulation in the defence, space and urban air mobility markets.
TP Group, which supplies air management systems to submarines, already paid £2.25mln and will pay the remaining £1.25mln at the end of year one, subject to completion of certain transition activities by the vendors.
The deal, expected to grow earnings in 2021, will be funded from existing cash facilities on a debt-free basis.
TP Group said it will bring “substantial market presence in both the military and civil aerospace sectors and growth potential in the management of unmanned aircraft, aerial activities around renewable energy installations and a growing space launch capability in the UK”.
Shares rose 5% to 6.96p early on Tuesday.