Volex has announced that it is set to pay the first tranche of a deferred consideration of €10m (£8.3m) and issue over 2.8 million shares, following the acquisition of Turkish firm, Murat Ticaret.

After the UK-based manufacturer of critical power and data transmission products acquired the Turkish manufacturer of wiring harnesses and battery cables, Murat Ticaret exceeded the EBITDA targets set under the acquisition agreement in the 12 months immediately after the acquisition.

As a result, Volex is set to issue its first tranche of deferred consideration to four former owners of Murat Ticaret.

The deal represents €10m (£8.3m) in cash and 2,878,830 shares of 25 pence each in the capital of capital of Volex. The new shares are set to be admitted to trading on AIM, becoming effective from 8am on 8 January 2025.

As a result, the issued share capital of Volex will comprise 184,529,938 ordinary shares of 25 pence each.

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