By Sabela Ojea
Shares of Kewaunee Scientific climbed after it said it completed its purchase of Nu Aire, a manufacturer of laboratory and pharmacy equipment.
Kewaunee's stock was up 15%, to $36.43, in Friday afternoon trading. Shares have increased 25% since the beginning of the year, and have nearly doubled over the past 12 months.
The manufacturer of laboratory and healthcare products said it purchased all the outstanding shares of Nu Aire for $55 million. About $32 million of the purchase price was paid in cash, while the remaining $23 million was funded through seller notes.
The completion comes about three years after Kewaunee announced a partnership with Nu Aire.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
November 01, 2024 14:12 ET (18:12 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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