discoverIE Group - Acquiring US sensor specialist
discoverIE is acquiring Magnasphere, a US-based designer and manufacturer of magnetic sensors and switches for cash of £19.1m. The business will operate within the Variohm cluster in the Sensing & Connectivity division. The deal fits well with the group’s strategy, providing strong operating margins (28% in CY21) and good growth prospects, as well as further access to international markets. We estimate the deal is likely to improve FY24 underlying operating margin by c 0.3pp to 11.5% and FY24 EPS by c 1.8%. We will update our forecasts when the deal closes, with vendor shareholder approvals expected in Q423.discoverIE Group designs, manufactures and supplies electronic products, supplying customers in the transportation, medical, renewable energy and industrial sectors. Co.'s business is focused in five technology areas, which include communication and sensors, imaging and photonics, power and magnetics, microsystems, and electromechanical and cabling. Co. operates across two divisions: Design & Manufacturing, which supplies custom electronic products which are designed or modified from an existing product to customer specifications; and Custom Distribution, which provides technically demanding, customized electronic, photonic and medical products to industrial manufacturers.
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