U.K. Government Decision Clears Way for Exosens to Acquire Centronic Limited
LONDON, July 29, 2024 — According to a published decision from the Cabinet Office of the U.K. Government, Exosens UK Limited, a subsidiary of French photonics technology company Exosens SAS, is now set to acquire 100% of issued share capital of Centronic Group Limited, a provider of photodiodes and industrial components. The acquisition received approval from the government of the U.K. following national security review. Per the ruling, Centronic’s facilities relating to current and future U.K. defense contracts are to remain in the U.K.
Financial terms of an acquisition have not been disclosed.
Exosens' recent IPO resulted in the company listing on Euronext Paris last month, and came after a nine-month span, beginning in December 2022, in which the company acquired Telops, El-Mul, and ProxiVision. According to its financial results issued this week, Exosens achieved consolidated revenue of €186.9 million (approximately $203 million) for the first half 2024, representing a growth of 49.5% and an increase of €61.9 million compared to the first half of 2023. The company attributed this to organic growth as well as the integration of its recent acquisitions.
Exosens' acquisitions of Telops, Proxivision, and El-mul, plus infrared sensors, cores, and cameras developer Xenics, came while Exosens was operating under the brand name Photonis. The company completed the rebrand to Exosens last summer, motivated by the diversification of its technology and product portfolios, it said at the time.
*This article has been updated to include a link to the Cabinet Office of the U.K. Government's ruling.
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