Tuesday, 24 May 2016
Last updated 6 min ago
Mar 2 2009 | 9:09am ET
The U.K. investment company Evolutec Group plans to acquire the Manchester-based Nanoco Tech plc, a nanotechnology company specializing in the development and manufacturing of fluorescent semi-conducting materials called quantum dots.
Quantum dots are a platform technology with a wide range of uses including solar energy, solid state lighting and next generation displays.
Once the acquisition (which constitutes a reverse takeover) is approved by shareholders, the enlarged group will be known as Nanoco Group plc and have a market capitalization of an estimated GBP 38.6 million ($54.8 million).
Manchester-based investment bank Zeus Capital acted as financial adviser to Evolutec and will continue to act as Nominated Adviser to the enlarged group. Nanoco chief executive Dr. Michael Edelman said in a statement, “This acquisition represents the next milestone in Nanoco's rapid development.”
Evolutec is listed on the Alternative Investment Market of the London Stock Exchange, admission to which will allow Nanoco to “further strengthen its shareholder base and balance sheet” and give it the resources to meet growing demand for its products, said Edelman.
Nanoco was founded in 2001 by two academics from Manchester University – Paul O'Brien and Nigel Pickett – to advance the development of quantum dots.