Spectris plc (‘Spectris’) (LSE: SXS), the productivity-enhancing instrumentation and controls company, today announces that it has signed an agreement with Macquarie Capital, the corporate advisory and principal investment arm of Macquarie Group, for them to acquire 50% of Spectris’ environmental monitoring business EMS Brüel & Kjær (‘EMS B&K’) for a total cash consideration of AUD76.6 million (£43.4 million), subject to closing adjustments. The sale is expected to close early in the second quarter of 2018, subject to regulatory approvals in China, the European Union and South Korea. The net proceeds from the sale will be used to reduce net debt, thereby increasing the Group’s financial flexibility for future capital deployment.

EMS B&K is a global provider of environmental monitoring services to airports, cities, mines and construction companies. The business will now benefit from accelerated investment which will help create additional solutions and services that enable asset owners to monitor and manage their resources more effectively. Macquarie Capital’s expertise as a world-leading infrastructure advisor and investor will be of great benefit to the new joint venture in its next stage of development.

Commenting on the transaction, John O’Higgins, Chief Executive, said: “We are delighted to partner with Macquarie Capital. This joint venture creates a significant opportunity for us to collaborate on the industrial internet of things. We look forward to a successful working relationship with Macquarie Capital to deliver this.”

Daniel Wong, Global Co-Head of the Energy and Infrastructure group within Macquarie Capital, said: “This investment is an integral part of Macquarie Capital’s focus on technology applying to infrastructure (InfraTech). This is recognition that a number of technologies can now bring significant benefit in the construction, operation and maintenance of infrastructure assets. Macquarie looks to leverage its presence in the infrastructure sector and knowledge of technology to take a leading position in this space and we see this new venture with EMS B&K as a first step into this fast growing market.”