Midwich acquires Italian audio visual distributor Prase Engineering

Specialist audio visual distributor Midwich said it had agreed to acquire 80% of Italian counterpart Prase Engineering for up to €13.4m.

The deal involved an initial payment of €7.0m (£6.1m) followed by four fixed payments of a combined €6.4m (£5.6m) over the next two years.

Alberto and Ennio Prase would continue to run the business, the acquisition of which marked Midwich's first foray into the Italian market.

At 8:07am: (LON:MIDW) Midwich Group Plc share price was +10p at 565p