Xaar (XAR) has agreed to sell 20 per cent of its holding in its 3D business to American 3D printing outfit Stratasys for $10m (£8.1m).
The deal sent Xaar’s shares up by as much as 23 per cent in morning trading, just a week after the digital inkjet specialist issued a sales warning and announced that it was delaying the release of its half-year results.
Stratasys already holds a 15 per cent stake in Xaar 3D and intends to take this up to 25 per cent by exercising part of an option it was granted when it first invested in the business last year – the unexercised part of that option will be cancelled. All told, Stratasys’ position will rise to 45 per cent. It has also been given the option to buy the remaining 55 per cent that it does not already own for at least $33m, which is exercisable over three years.
