Spirax-Sarco signs binding £223m deal to buy Vulcanic Group

Thermal energy and pumping specialist Spirax-Sarco Engineering has signed a binding definitive agreement to acquire the Vulcanic Group from French private equity company Qualium, it announced on Monday.

The FTSE 100 firm said consideration was agreed at €261.7m (£222.65m) on a cash- and debt-free basis, subject to customary closing adjustments.

Signature of the definitive agreement followed the exclusive negotiations announced on 4 July.

“As previously stated, the transaction will require regulatory approvals in France and Germany,” the Spirax-Sarco board said.

“These regulatory approvals and completion are expected during the third quarter of the year.”

At 0825 BST, shares in Spirax-Sarco Engineering were down 0.57% at 11,270p.

Reporting by Josh White at Sharecast.com.