In a move described by Cenkos Securities as “a major new positive for the investment case”, KBC Advanced Technologies has acquired software developer, Infochem Computer Services, for a total consideration of £10.9m.
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KBC has already established a strong reputation through the provision of niche software services to the ‘value-added’ end of the energy industry, but the Infochem deal marks an important strategic step for the group in its bid to establish a presence in the upstream segment of the market. KBC will meet the cost of the acquisition through internal cash resources, a new £6m credit line, and £1.9m in guaranteed loan notes redeemable a year after completion
