Filtronic set to buy back Isotek
Samstag, 31 Juli 2010
Shipley-based wireless communications company Filtronic has entered into a deal with Isotek to buy the Leeds-based firm as part of its strategy to enter the base station market.
Under the offer, the company will pay £4.35 million in cash and issue 18.55 new Filtronic shares for Isotek.
Filtronic chairman Howard Ford said "This is a transformational deal for both companies which will be attractive to all stakeholders."
With the purchase of Isotek, Filtronic hopes to create "a combined business of attractive scale to key customers", and also expects to increase its turnover by around £15 million in 2012.
Isotek, which was part of the Filtronic group until it de-merged 12 years ago, develops and markets leading-edge telecommunications products, such as special filters and combiners, for a range of wireless infrastructure applications.
These products enable operators to use their existing 2G infrastructure to deliver 3G and 4G services simultaneously.
Upon completion of the deal, Isotek's management team will continue to run the business, with Alan Needle as the subsidiary's MD and Dr Chris Mobbs as its CTO.
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