Decoy flares and munitions maker, Chemring, will acquire the bomb-detection division of General Dynamics, Financial Times reports. Chemring will pay $90 million in the all-cash deal. The U.K. company will fund the acquisition through a separate $194.85 share placing. Chemring will issue 17.4 million new shares. The remaining proceeds will be used for further acquisitions and to reduce Chemring’s net debt. Investec has been appointed to underwrite the offering, adds Reuters.

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