NCC Group agrees £55m deal for Accumuli
IT SECURITY company NCC Group has strengthened its armoury with the acquisition of AIM-listed Accumuli in a recommended cash and shares deal.
Manchester-based NCC is paying £55m for the independent IT security and risk management business, which has offices in Basingstoke, Cambridge and Leeds.
So far investors holding 57.7% of shares in Accumuli have accepted the offer, though NCC needs to get to 75% before the deal is unconditional. The AIM Company said in a separate trading update it was seeing strong demand and annual revenues for the year to March 31 would rise from £16.6m to £27m.
Under the terms of the deal, Accumuli shareholders will receive 0.1218 new NCC Group shares and 5.97p in cash.
The acquisition values each Accumuli share at around 32.8p, and Accumuli’s at approximately £55m, based on the closing price per NCC Group share on Monday March 23, the last business day before the deal was revealed.
NCC’s offer represents a premium of approximately 19.1% to the closing price per Accumuli share of 27.5p on Monday and 22.7% to the six-month average price per Accumuli share of 26.7p in the six-months to Monday
NCC Group were advised by Rickitt Mitchell & Partners.
— Business DeskBack to news