30 July 2010 – acquisition

The microwave electronics group has announced the acquisition of Isotek (Holdings) Ltd for some £10.7m, with the consideration being £4.35m in cash and 18.55m new Filtronic shares.  The shares being issued will represent about 20% of the enlarged equity and are subject to lock-ins.  Isotek, which is run and owned mainly by former members of Filtronic’s senior management team, is a leading developer and marketer of wireless telecommunications products and is an excellent strategic fit for the group.  BUY.