Hytera Communications Corp, a mobile radio communications solution provider in China, announced on Tuesday that it will acquire the UK-based walkie-talkie maker Sepura Plc, after the proposed takeover gained government approvals in Germany and the UK.
Hytera, based in Shenzhen, South China's Guangdong Province, said in a statement that it intends to acquire 100 percent of the UK company's shares for about 649.3 million yuan (.3 million).
Sepura announced on Monday (London time) that the proposed deal had gained approval from a court in the UK earlier this month, followed by a green light from German authorities on May 16, according to media reports.
The takeover, which was first proposed in December 2016, was under review by UK and German authorities for "national security" issues as Sepura supplies the UK and German police forces and militaries, UK news website proactiveinvestors.co.uk reported on May 9.
Following the announcement, Sepura's London-traded shares were suspended as of 5 pm Tuesday (London time).
It's expected that the company will be delisted from the exchange on Thursday, according to the statement from Hytera.
The Hytera statement did not disclose further information regarding how it plans to manage the UK firm to ease concerns among some European officials.