This morning, Nekkar's subsidiary, Globetech, announced its second bolt-on acquisition by acquiring Satco AS, a company that supplies communication, navigation, connectivity, and CCTV systems to the offshore and shipping markets. We are encouraged by this type of bolt-on acquisition, as it is an efficient way to expand the Globetech business at a modest risk. The acquisition adds about 7% to our current 2026e group topline and 20-8% to our previous group EBIT forecast for 2026-2027e. While the acquisition price was not disclosed, we expect the transaction to be value-accretive
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