LONDON: Braveheart Investment Group, a technology-focused investor, has agreed to sell its 48.3% stake in Phasefocus Holdings Limited, a company that develops high-resolution imaging and microscopy systems, to Bruker UK Limited, a global leader in analytical instrumentation, for £5 million.
The deal, which was signed on 21 December 2023, is expected to close in the first quarter of 2024, subject to customary conditions and the granting of probate for a deceased shareholder. Braveheart estimates that it will receive £2.1 million in net proceeds from the sale, which it will either reinvest in other technology-based companies or distribute to its shareholders as a special dividend.
Phasefocus, which uses a patented method for quantitative imaging called Livecyte®, had a loss before tax of £990,854 in 2022, mainly due to the write down of a loan with its subsidiary, Phase Focus Limited. Braveheart had invested £2.5 million in Phasefocus as of March 2023 and had bought more shares in August 2023 at £8 per share.