Bracknell, Berkshire-headquartered Siemens Plc has acquired the ACT Cablestream subsidiary of ACT Group Plc software and services company for UKP4.5m cash up-front, the final price adjustable on net asset value to a maximum of UKP2.5m more. The Hemel Hempstead local and wide area networking systems integrator, which was acquired by ACT when it bought ITL Group Plc, will be renamed Cablestream Plc and function as a management company within Siemens, strengthening interests in a market that Siemens has been serving and providing a more comprehensive networking offering to customers, the company said. ACT Cablestream has about 80 employees and a had turnover of UKP14m in the year ending March 1993. Forecasts are for UKP18m turnover for the year ending March 1994.
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