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XRF Scientific To Acquire Bruker's Combustion Gas Analysis For $4 Million, Shares Up 4%

-- XRF Scientific (ASX:XRF), via its wholly-owned unit XRF Technology (WA), entered into a binding asset purchase agreement with Bruker AXS to acquire its combustion gas analysis business for a total upfront cash consideration of $4 million, according to a Thursday Australian bourse filing.

An earnout of up to $1 million will be payable, based on a rate of 7% of net combustion gas analysis business revenue for three years after completion.

Under the deal, certain product names such as "G4 Icarus" will be transferred to the firm and branded as XRF Scientific. The combustion gas analysis products are currently manufactured in Germany, and production will be transferred to XRF's factory in Perth, Australia.

The completion of the deal is expected to occur imminently within the week.

Its shares rose 4% in recent trading on Thursday.

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