Seven secures Datong acquisition

SEVEN, the firm buying Datong, the Yorkshire-based covert intelligence gathering specialist, said today its £7m offer for the business is now unconditional.

Leeds-based Datong put itself up for sale in February after an approach was made for the business.

Seven has offered 50p per Datong share and is paying £6.92m for the company.

The deal for Stock Market-quoted Datong will be funded by YFM and Seven’s own cash resources.

Seven is the parent company of Seven Technologies, based in Lisburn, County Antrim. It specialises in the field of specialist surveillance and systems for use in hostile environments. 

For the year ended 31 May 2012, Seven Technologies had revenue of £9.2m. It said today that 95% of Datong shareholders had accepted the offer and they would be paid by June 25 while Datong will leave the stock market by July 9.