26 Jan 2008

Siemens to acquire Broadcastle plc

£41.5 million deal will bring additional skills and opportunities to the Siemens Financial Services Group

United Kingdom, 2005-Jul-26

Siemens announced today that it has reached agreement with the board of Broadcastle plc on the terms of a recommended cash offer for its entire issued and to be issued share capital. The offer, 123.5 pence per Broadcastle Share payable in cash, values the issued share capital of Broadcastle plc at approximately £41.5 million.

The acquisition of Broadcastle plc provides Siemens with an excellent opportunity to expand its operations, particularly in medical equipment financing. Siemens Financial Services Ltd has a close business relationship with Broadcastle plc, acting as one of the principal syndicatees of the company’s medical equipment loan book. It expects to generate economies of scale in funding costs and to generate cross selling opportunities for financial services products.

Siemens Financial Services provides a wide range of asset finance products to public and private sector entities.

Commenting on the offer, David Cust, Chief Executive of Broadcastle plc, said: “We are delighted that the value of Broadcastle is being recognised by Siemens through the offer. I believe that the price reflects a good premium over the current share price and to that which could be achieved in the medium term as, undoubtedly, the business would have borne the cost of a dilutive equity issue in due course to continue its organic growth. We believe the businesses of Siemens Financial Services in the UK and Broadcastle are an excellent commercial fit and that both will benefit from the combination.”

Jonathan Andrew, CEO of Siemens Financial Services Ltd, commented: ”The acquisition of Broadcastle plc will bring significant skills and opportunities to Siemens Financial Services which will help consolidate our position as a leading provider of financial solutions in the UK. Culturally and operationally there is a strong fit – Broadcastle's focus on specialist niche markets, such as healthcare, matches our own, and we both focus on providing absolutely the very best service to our clients within these niches. Together, we look forward to taking advantage of the new openings this deal will create with enthusiasm and vigour.”

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Mr. Andy Brown
Corporate Communications

Further information

Siemens Financial Services Ltd

Tel: +44 (0) 20 8233 4046

Fax: +44 (0) 7721 51377


About Siemens

Siemens AG (Berlin and Munich) is a leading technology company focused on industry, infrastructure, transport, and healthcare.

From more resource-efficient factories, resilient supply chains, and smarter buildings and grids, to cleaner and more comfortable transportation as well as advanced healthcare, the company creates technology with purpose adding real value for customers.

By combining the real and the digital worlds, Siemens empowers its customers to transform their industries and markets, helping them to transform the everyday for billions of people.

Siemens also owns a majority stake in the publicly listed company Siemens Healthineers, a globally leading medical technology provider shaping the future of healthcare.

In fiscal 2023, which ended on September 30, 2023, the Siemens Group generated revenue of €77.8 billion and net income of €8.5 billion.

As of September 30, 2023, the company had around 320,000 employees worldwide.

Further information is available on the Internet at www.siemens.com.