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Technology company Rakon now has 250 staff in Europe after completing the acquisition of the Frequency Control Products division of C-MAC MicroTechnology.
The transaction went through on Friday, the company said yesterday. The US$37 million ($54.3 million) acquisition was funded by the already announced sale of new shares to institutions and investors.
Rakon made a stunning debut on the sharemarket last May when it raised $66 million and it nearly matched that with the sale of new shares to fund the foreign expansion.
Managing director Brent Robinson said he was pleased with the support shown by the investment community.
The renamed companies, Rakon UK Ltd (Crewkerne, UK), Rakon Europe Ltd (Lincoln, UK) and Rakon France SAS (Argenteuil, France), collectively employ about 250 people and Robinson said they were being integrated with existing Rakon businesses.
- NZPA
