Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Novacyt to acquire Yourgene
Novacyt [LON:NYCT] has this morning announced that it has agreed terms for the acquisition of Yourgene, valuing the target company at £16.7m. That’s a 167% premium on the valuation which was applied on Friday night and a 57.2% premium to the average valuation over the last six months. The move is seen as being beneficial for Novacyt’s post-COVID strategy, with the enlarged operator able to leverage synergies in the diagnostics sector.
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#2. ITM partners with Mott to advance electrolyser production
AIM listed ITM Power LON:ITM has announced a strategic collaboration with Mott Corporation to further develop a key component of the electrolyser system. ITM already have a market leading electrolyser proposition and the partnership with Mott will enhance this further, with both parties noting the exceptionally high quality control that wraps the Mott product.
#3. 88 Energy acquires new assets in Texas
88 Energy [LON:88E] has this morning advised it has acquired additional oil & gas production assets in Texas. The $1.5m price tag will be settled in cash by both 88E and the JV partner. 88E expects this move to increase production in its Texan project Longhorn to 500 barrels per day by the end of 2023.
