Cohort (LON:CHRT) has announced that it has increased its holding in EID to 80% from 57% for the additional consideration of €3.97m from existing cash resources and debt facilities. The Portuguese government retains the remaining 20% and this is all in line with its previously announced strategy. EID brings new geographies, a good order pipeline and further growth opportunities. In addition, the company has indicated that it remains on course to meet FY18 expectations. HY18 results will be published on 13 December when we will adjust our forecasts for the increased holding.
Cohort acquired the initial 57% stake in Empresa de Investigação e Desenvolvimento de Electrónica, S.A. (EID) in June 2016, the group’s first overseas acquisition. The deal brought a new home market in Portugal plus new clients within NATO Europe and export territories such as Indonesia and Egypt. Based near Lisbon with a regional office in Indonesia, EID employs c 140 people.
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