The tech company focusing on safety equipment, Halma announced the acquisition of Deep Trekker for roughly £36m on Thursday.
Deep Trekker is a market-leading manufacturer of remotely driven underwater robots used for inspection, surveying, analysis, and maintenance, with headquarters in Ontario, Canada.
Aquaculture, renewable energy, and ocean science and research are among the markets it services.
Deep Trekker will be paid cash and debt-free cash consideration of around £36m, which will be funded from Halma’s current facilities.
Deep Trekker’s unaudited revenue for the year ended 31 December 2021 was over £12m, with a return on sales that were higher than Halma’s planned range of 18-22%.
The group’s Environmental & Analysis department will house Deep Trekker post the acquisition.
“Deep Trekker is an exciting addition to Halma, which is highly aligned with our purpose, both in terms of helping to ensure a cleaner environment, and in improving the safety of underwater inspections,” said Andrew Williams, Group Chief Executive Officer, Halma.
“It offers new opportunities for growth in a number of markets, driven by increasing health, safety and environmental regulation, and global efforts to address climate change, waste and pollution.”
Halma shares gained 1% to 2,472p after the acquisition of Deep Trekker was announced in early morning trade on Thursday.