Spectris Sells 50% Stake in Environment Monitoring Business

12/14/17 04:20 AM EST

By Carlo Martuscelli

 

Spectris PLC (SXS.LN) said on Thursday that it has agreed to sell a 50% stake in its environmental monitoring business EMS Bruel & Kjaer to Macquarie Capital, a branch of Macquarie Group Ltd. (MQG.AU), for 76.6 million Australian dollars ($58.1 million).

The sale is expected to complete early in the second quarter of 2018 and would transform EMS into a joint-venture, precision instrumentation company Spectris said. Spectris would use the proceeds of the sale to reduce its net debt.

"Macquarie Capital's expertise as a world-leading infrastructure advisor and investor will be of great benefit to the new joint venture in its next stage of development," it added.

 

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

 

Corrections & Amplifications

This article was corrected at 1310 GMT because the original misstated the dollar conversion in the first paragraph. It is $58.1 million, and not $102.3 million. Spectris PLC (SXS.LN) said on Thursday that it has agreed to sell a 50% stake in its environmental monitoring business EMS Bruel & Kjaer to Macquarie Capital for 76.6 million Australian dollars ($58.1 million).

(END) Dow Jones Newswires

December 14, 2017 04:20 ET (09:20 GMT)

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