Oxford Instruments buys French camera maker in €18.7m deal

Research equipment maker Oxford Instruments said it had bought First Light Imaging, a French scientific camera specialist, for up to €18.7m (£16m).

Based near Aix-en-Provence, and founded in 2011, First Light specialises in the design and manufacture of high-speed, low-noise scientific cameras for infrared and visible imaging, with applications in astronomy and life sciences.

It will become part of Oxford Instruments Andor ("Andor"), with a common global customer base spanning leading academic institutions and commercial companies. Its cameras are highly complementary to Andor's existing scientific camera portfolio, with the acquisition providing opportunities to enhance both companies' offerings and to expand into adjacent markets.

Under the terms of the deal, Oxford Instruments is paying €15.7m upfront on a cash-free, debt-free basis, with a further €3m conditional on First Light's trading performance over a 12-month period following completion.

First Light's estimated revenue for the 12 months to December 2023 is €8.0m (£7.0m), with return on sales below the average for the Group.