Construction company investor SigmaRoc said it had agreed to acquire Belgian sea defence rock quarrying group Stone Holdings for up to €2.2m.
The consideration would be paid through a combination of cash and new SigmaRoc at a price of 50p each.
The deal was struck at a multiple of 4.4 times three-year average Ebtida.
At 8:26am: (LON:SRC) SigmaRoc Plc share price was +0.3p at 40.5p