British safety equipment maker Halma Plc said on Wednesday that it has purchased safety-critical electrical testing technology firm MK Test Systems Limited in a multimillion-pound deal.
Halma said the acquisition was for a cash consideration of £44 million ($55 million), to be funded from Halma's existing facilities.
Marc Ronchetti, chief executive of Halma, said: "MK Test further enhances our capabilities in electrical safety and brings new opportunities for growth, driven by increasing safety regulation and the need to protect high value assets.
"Its technology plays an important role in automated electrical testing and in ensuring the integrity of electrical systems."
Post transaction, MK Test will be a standalone company within Halma's Safety sector, led by its current management.
For the 12-month period to March 2024, MK Test had registered revenue of £12.4 million.
Founded in 1990, MK Test makes safety-critical electrical testing technology products used to test the integrity of high voltage electrical systems in aerospace, rail, and commercial EV industries.