Delight for Turkish vendors as Volex pays out on sweet deal

Warrington headquartered manufacturing business Volex is to pay €10m of cash to the former owners of Murat Ticaret after the Turkish business it acquired in June 2023 exceeded profit targets.
AIM listed Volex told the market this morning that Murat Ticaret has exceeded the EBITDA targets set out under the acquisition agreement for the first 12 months immediately following the acquisition of the manufacturer of electrical wiring harnesses and battery cables.
The full terms of the deferred deal are for €10m in cash and 2,878,830 Volex shares, valued at 25p each.
Over the last six years Volex has made 12 acquisitions, but in December was thwarted in its £248.6m hostile takeover bid for TT Electronics.
Volex’s operations support international blue-chip customers in five key sectors: Electric Vehicles, Consumer Electricals, Medical, Complex Industrial Technology and Off-Highway.