Codan shares have seen an upswing as much as 3.3% to A$7.76, marking their highest point since the 21st of July.

This Australian technological company recently announced its plan to acquire a UK-based command and control solutions business, Eagle NewCo.

This acquisition, planned at a price of A$22 million ($14.50 million), aims to broaden its Zetron Communications into the UK, Europe, and Middle East.

Eagle is expected to marginally contribute to Codan’s profits for the financial year 2024.

The expectation for the Eagle business is to be EPS-accretive in its second year of ownership.

Codan’s stock has shown a significant increase of 83.2% this year, compared to a 6.12% rise in the ASX All Ordinaries index as of the last closing on July 31.

The shares of Codan were paused on Tuesday whilst awaiting final regulatory approval in the UK regarding the proposed agreement.

Codan operates in the tech sector, offering a diverse set of products and solutions ranging from tactical communication systems to mining technologies.