Weapons technology group Cohort (LON:CHRT) is close to arranging a new £25mln debt facility to fund the acquisition of Portuguese tech group EID.
The acquisition is expected to complete shortly, Nick Prest, chairman, told shareholders at the AGM.
Announced in August, EID would bring new defence and security customers worldwide and be earnings enhancing in the current financial year, he added.
The group’s own order book at end August was worth £136mln, with EID having a further €35.2mln on order in March.
Prest added the new debt facility is with a syndicate comprising RBS, Barclays and Lloyds.
Net funds the end of August were £12.4m prior to payment of the net cash consideration of €16m for EID.
"Our emphasis continues to be on driving further growth both organically and by acquisition, supported by a continuing strong funding position.
Overall, Cohort's order book and near-term prospects provide a good base for future progress", said Prest.