Listed organisation Halma has acquired Netherlands-based advanced gyroscopic locating systems provider Brownline in a deal worth around £129m.
Halma, which is headquartered in Buckinghamshire and is a constituent of the FTSE 100 index, is a global group of technology companies focused on providing innovative solutions to grow a safer, cleaner and healthier future.
Brownline will become a standalone company within its Environmental and Analysis Sector and will be led by its current management team.
The business was founded over 30 years ago and reported annual revenues of £32m in its latest results.
Its solutions are used by horizontal directional drilling (HDD) contractors in trenchless underground drilling, predominantly in North America, continental Europe and the UK.
“Joining Halma marks an exciting new chapter for Brownline,” said Bertjan Molenaar, founder and CEO of Brownline.
“We’ve built our reputation on precision, innovation, and reliability-values that align closely with Halma’s purpose and long-term vision.
“Their decentralised model gives us the autonomy to continue doing what we do best, while benefiting from the strength of a global group committed to solving critical infrastructure challenges.”
Halma has seen a share price increase since the news was announced, with shares rising from 3,256p at the start of the day to 3,284p within just half an hour.
It operates in three markets – safety, environment and health – and has a market cap of £12.43bn, whilst employing over 9,000 staff in over 20 countries.
Marc Ronchetti, group chief executive of Halma, added: “Brownline’s technology is a game-changer for safely installing underground infrastructure.
“Its ability to deliver pinpoint accuracy without surface disruption is increasingly vital as cities continue to expand and electrification accelerates. Brownline is a strong strategic fit with Halma’s purpose, supporting the global energy transition.
“We’re proud to welcome the company to Halma and look forward to supporting its continued growth and success.”