Space is the limit! Science Group pens £17.5m deal for defence and energy specialists TP Group

Space, defence and energy are the sectors the Science Group is pushing into with a fresh £17.5m acquisition.

AIM-listed TP Group, which specialises in defence, space and energy consultancy, is set to be snapped up by the organisation for some 2.25p a share, representing a premium of 190 per cent.

Both boards have agreed to ink the deal. However, a vote will now be put to shareholders for the final green light.

Science Group has been angling for a slice of TP group for more than a year.

Last August, Science Group bought a 10.2 per cent stake in the consultancy group, at a price of 5p a share.

Since then, Science Group has been providing TP with a standby credit facility of up to £5m, which will remain available until September next year.

“The Science Group directors intend to support the development of the TP Group business through organic initiatives and by acquisitions and, as such, do not expect any material change to the core operations of the business as a result of the acquisition,” the company said in a statement today.