New Delhi-based cable manufacturer Paramount Cables has strengthened its product range with the acquisition of AEI Cables, a subsidiary of TT electronics plc.

New Delhi-based cable manufacturer Paramount Cables has strengthened its product range with the acquisition of AEI Cables, a subsidiary of TT electronics plc.

AEI, a manufacturer of power cables in Newcastle that supplies cables to the defence, railway, power and mining industries, was acquired by Paramount for £13.3 million. A total of £12.4 million will be paid in cash with the balance covered by loan notes redeemable in a year’s time.

Paramount’s investment bankers, Elana Capital of London and Mumbai, introduced legal adviser Wright Hassall LLP to the deal. The legal team was led by corporate partner Keith Ainsworth, with the assistance of partner Sat Bhandal and advisers Suki Harrar, Rebecca Okell, Daniel Middleton and Pritpal Singh Swarn.

Keith Ainsworth said: “Paramount is a dynamic group with specialisms that are complementary to those of the target.”