Halma to buy Spain's Visiometrics for up to €125m

Safety, health and environmental technology group Halma has acquired Spain-based Visiometrics from private shareholders and Atlas Capital for a maximum total consideration of €125m (£90.8m), in a deal that is expected to be earnings-enhancing within the first year of ownership.

Visiometrics is based outside Barcelona and designs, manufactures and markets ophthalmic diagnostic instruments.

For the nine months to September, the company’s unaudited current year revenue was €3.4m and profit before interest and tax came in at €1.2m.

The agreed cash consideration comprises three elements: €18m to be paid at closing, a deferred contingent consideration up to €69mn based on the profit performance of Visiometrics over the next three years and deferred contingent consideration up to €40m paid in royalties over the next five years.

Visiometrics will become part of Halma's medical sector, which includes devices used to assess eye health, assist with eye surgery and primary care applications.

The Visiometrics CEO and management team will continue to operate the business out of its current locations.

Chief executive Andrew Williams said: "We believe that their new technology has great potential to become a standard of care in the field of ophthalmic diagnosis, where Halma already has a strong global presence.

“We will be working closely with their management team to achieve their ambitious growth objectives. Visiometrics is already planning to release a new objective tear film assessment methodology in 2016 and has a strong pipeline of further enhancements for objectively assessing visual acuity."