LONDON (ShareCast) - Information service firm Wilmington has acquired US based Financial Research Associates in a deal worth up to £13.2m.
Wilmington said the buyout of the events firm would strengthen its presence in North America.

The deal involves an initial payment of $13m , with $3m deferred and a further $4.6m subject to revenue targets being met.

Wilmington said the acquisition was to be funded through existing debt facilitates and would be earnings enhancing in the first full-year of ownership.

Numis said in a research note e-mailed to clients the deal was a good fit, and noted the shares were at good value.

Analysts retained a 'buy' rating and price target of 315p after news of the acquisition broke.

"All in this looks a sensible deal with good strategic fit to Wilmington's existing business, the increased footprint in the US a positive," Numis said.

Shares in Wilmington were up 2.06% to 260.25p at 12:01.

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