XCounter AB, an AIM-traded Swedish developer of low-radiation 3D digital X-ray imaging technology, has acquired a 49.8 per cent stake in Oy AJAT, a Finnish manufacturer of digital solid-state X-ray detectors, for €3.4 million.

XCounter AB, an AIM-traded Swedish developer of low-radiation 3D digital X-ray imaging technology, has acquired a 49.8 per cent stake in Oy AJAT, a Finnish manufacturer of digital solid-state X-ray detectors, for €3.4 million (£3 million). XCounter is set to pay a further €1.05 million if certain performance targets are met.

The Swedish company has entered into option agreements with the company, which will give it the right to up its stake by 19 per cent in 12 to 18 months in exchange for 13 million shares in XCounter, representing some 30 per cent of the company’s current issued share capital. The company’s intention is to acquire 100 per cent of AJAT. However, details of how and when this will happen have not been released.

The acquisition brings AJAT’s solid-state detector technologies for the medical and industrial markets to XCounter’s product portfolio and propels the Swedish corporate into new markets, the company said.

Mikael Strindlund, CEO of XCounter, said: “This is a very exciting acquisition, that creates the opportunity to build a world-class, sustainable X-ray detection business based on a leadership position in photon-counting technologies. The combination of XCounter’s and AJAT’s technologies will enable XCounter to open up new and exciting markets and allow the company to achieve its primary objective of creating value for shareholders.”