04:09 AM EDT, 03/13/2024 (MT Newswires) -- inTEST (INTT) said late Tuesday it has acquired Italian firm Alfamation S.p.A. for an aggregate base purchase price of 20 million euros ($21.9 million).

Based in Milan, Alfamation provides test and measurement systems for the automotive, life sciences and specialty consumer electronics markets. The business has annual revenue of about $25 million.

The consideration for the deal consists of about 18 million euros in cash, and 187,432 shares of inTEST common stock. The company will also pay about 542,000 euros in cash for certain assets delivered at closing, the company disclosed in an 8-K filing with the US Securities and Exchange Commission.

The company said it now expects 2024 revenue to range from $145 million to $155 million as a result of the acquisition. It also expects the deal to be accretive to adjusted earnings in 2024.

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