A company which helps academics to turn their ideas into businesses has agreed a takeover deal.
IP Group has agreed to buy the 80 per cent stake it does not already own in Fusion IP for about £70m in stock.
The deal offers Fusion IP shareholders 0.446 IP Group shares for every share held, or a premium of about 27 per cent to the stock’s Wednesday close.
The deal values Fusion IP at 80.2p per share or about £87.8m.
IP Group currently owns a 20.1 per cent stake in Fusion IP, which commercialises intellectual property developed at universities and similar establishments.
Commenting on the offer, Alan Aubrey, the chief executive of IP Group said yesterday: “Since acquiring an initial stake in Fusion IP in 2009, we have enjoyed an excellent relationship with the team and are delighted to have reached agreement to acquire Fusion IP in full.
“The acquisition is highly complementary to IP Group’s core business and will give the combined entity greater breadth of coverage.”