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UK-headquartered Advanced Innergy Holdings (ASX: AIH) looks set to lock in its second acquisition since listing on the ASX in October last year with a $90 million on-market deal for Perth-based oil and gas equipment manufacturer Matrix Composites & Engineering (ASX: MCE).
The 40c-per-share offer via a scheme implementation deed is pitched at a significant premium to the company's 90-day volume-weighted average price of 23.8c a share, with AIH declaring the cash offer its "best and final" in the absence of a superior competing proposal.
AIH, which already holds call option deeds over 19.9 per cent of Matrix shares on issue, will acquire 100 per cent of the company via a scheme of arrangement targeted for implementation in late July 2026.
The deal remains subject to conditions including approval from the Foreign Investment Review Board, with AIH having lodged its FIRB application on 17 March 2026.
Matrix operates advanced composite manufacturing facilities in Henderson, Western Australia, supplying engineered products to the global oil and gas, defence and renewable energy sectors.
AIH’ says the acquisition is part of a strategy to build a market leading technical buoyancy and subsea ancillaries platform and establish its manufacturing presence in the Asia-Pacific region.
“This transaction strengthens AIH's global platform and delivers on the APAC expansion strategy we outlined at IPO." says AIH chairman Russell Ward.
"The offer is all-cash and fully funded, providing MCE shareholders with certainty of value at a meaningful premium to recent trading levels.
"We look forward to engaging with the MCE board to progress the transaction in the interests of both sets of shareholders.”
Matrix chairman Peter Hood says the scheme represents a "compelling outcome" for shareholders.
"The proposed transaction recognises the strength of Matrix’s people, technology and manufacturing capability," says Hood.
"Following careful assessment, the board believes the scheme is in the best interests of shareholders, subject to the usual qualifications.”
An independent expert will be appointed to assess the scheme, with a report to be included in the scheme booklet targeted for distribution in early June.
Matrix shareholders will then vote on the proposal at a scheme meeting.
AIH listed on the ASX in October last year following a $150 million initial public offering (IP0).
Over the past three decades, the Gloucester-based group has evolved from a single-site fire protection specialist into a vertically integrated global materials science group that designs, engineers, manufactures and installs mission critical insulation, buoyancy, cable protection and fire protection systems for the world’s most demanding energy and industrial applications.
The IPO was initiated to capitalise on opportunities across its key markets and expand its global footprint, both organically and through targeted acquisitions.
The company wrapped up the $17.7 million acquisition of Norwegian aquaculture technology supplier Imenco Aqua in March.
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