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Technology group Cohort has agreed to acquire Wartsila ELAC Nautik GmbH, a Germany-based market leader in naval surface ship and submarine sonar systems for a headline price of €11.25m.
Andrew Thomis, CEO of Cohort, said: 'The acquisition of ELAC is a significant step for Cohort, adding a sixth standalone business to our growing and profitable portfolio.
'It is highly complementary to our core capabilities in defence and security, with a leading position in the attractive and growing submarine and surface sonar markets, strengthening and broadening the group's existing capabilities in maritime systems.'
At 8:58am: (LON:CHRT) Cohort PLC share price was +16p at 615p