Siemens has agreed to buy British financial service firm Broadcastle Plc for 41.5 million pounds ($72.2 million) in cash, the German conglomerate said on Tuesday. Siemens said Broadcastle's board had agreed to accept the offer of 123.5 pence per Broadcastle share. The shares surged 20.5 percent to 120.1p by 1221 GMT.
"The acquisition of Broadcastle Plc provides Siemens Financial Services with an excellent opportunity to expand its operations, particularly in medical equipment financing," Siemens said in a statement.
Siemens Financial Services sells finance for third-party medical equipment vendors as well its own in-house division, Medical Solutions, which is one of Siemens' most profitable units. Siemens shares were little changed at 66 euros.
Panmure Gordon was the adviser for the deal.
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