BANGALORE, India — U.S. navigation company Garmin Ltd. is in early talks to buy Britain’s Raymarine Plc in a bid to gain market share in Europe, according to a report from Reuters.
The deal would be worth about $32.59 million.
Panmure Gordon & Co analyst Oliver Wynne-James told Reuters there was a slim chance other interested parties would enter the mix, with the main hurdle being persuading Garmin to pay more than the value of Raymarine’s net debt of about $156 million.
Earlier, Raymarine confirmed that it was in early talks with a number of parties after its shares surged more than 96 percent on a report that the company had received an approach from Garmin, Reuters reports.
Raymarine has been struggling with debt and in March said it was looking at fundraising options after posting a 24 percent decline in first-half sales.