Halma buys US water quality monitoring firm for up to USD200 million
(Alliance News) - Halma PLC on Wednesday said it is buying a Houston, Texas-based water quality monitoring company for up to USD200 million in cash.
Pyxis, founded in 2013, is composed of three companies: Pyxis Lab Inc, Qipan Technology Development (Shanghai) Co Ltd, and Pyxis Europe SLU. It is expected to generate USD39 million in revenue in the financial year ending March 31, 2027.
Amersham, Buckinghamshire-based Halma will pay an initial USD170 million in cash, with up to USD30 million in additional earn-out payments in cash tied to performance through March 2029. Halma said the acquisition is being funded from existing bank facilities.
Halma provides "life-saving technology" via Safety, Environmental & Analysis, and Healthcare divisions. It said Pyxis will join Environmental & Analysis but will continue to operate as a standalone business under its existing management team.
Halma shares were up 0.6% to 3,548.00 pence on Wednesday morning in London.
By Tom Waite, Alliance News editor
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