Altium advises on £28m Intelek deal

THE Manchester office of investment bank Altium has advised satellite electronics firm Intelek on its £28m takeover by US-firm Teledyne Technologies.

Under the offer, Intelek shareholders would receive 32p a share from New York-listed Teledyne, representing a 106.5% premium to the closing price of 15.50p on June 15. The company’s enterprise value, including debt and preferred shares, stands at £35m.

The Swindon-based firm designs and manufactures electronic systems for satellite and microwave communications for the defence and aerospace market.

CML, the group’s aerospace component manufacturing division, employs 186 people from its offices in Birkenhead, and is a major supplier to BAE Systems and Airbus.

Mike Fletcher, who led the deal team for Altium, said: “The offer represents a significant premium to the pre-offer price, reflecting the strategic benefits perceived by Teledyne. The acquisition will allow Teledyne and Intelek to extend their presence and know-how into adjacent activities through the development of complementary products.”