Universal Matter UK Limited, a wholly owned subsidiary of Universal Matter Inc., has agreed to acquire all shares of Applied Graphene Materials UK Limited and Applied Graphene Materials LLC for a total consideration of US$1.3M.
These two companies are the main operating subsidiaries of Applied Graphene Materials (AGM) plc. The sale and purchase agreements relating to this transaction were signed on February 21, and the completion of the transaction is conditional upon AGM shareholder and UK NSI Act approvals.
The high-tech advanced materials company Universal Matter Inc. (UMI) is a privately held Canadian corporation that was formed in July 2019.
“Our proposed acquisition of AGM fits exceptionally well with UMI’s growth strategy by significantly enhancing our dispersion and application capabilities for advanced paints and coatings. Moreover, it will provide UMI with an important European footprint for strengthening our growth potential through AGM’s established distributor network,” said John van Leeuwen, CEO of Universal Matter.