Lloyd Electric and Engineering announced the signing of asset and share purchase agreement (ASPA) on Thursday to acquire Noske-Kaeser's Rail & Vehicle global business in Germany, New Zealand, Australia, Brazil and United States.

Noske-Kaeser, is an established global brand recognized for providing customized and innovative designs and solutions in the field of air-conditioning, refrigeration and special technology, having a existence of more than 130 years.

Lloyd said, 'The said acquisition represents a strategic opportunity for Lloyd to expand its product offering in heating, ventilation and air-conditioning (HVAC) solutions for rail and defense markets.'

'The combination of Lloyd and Noske-Kaeser's Rail & Vehicle businesses represents a key step forward in providing advanced products and services to HVAC customers at a global level,' it added.

The acquisition process has been run by Lloyd's in-house Mergers & Acquisitions team along with Allen & Overy LLP as legal advisors and KPMG as financial due diligence advisers.

The transaction is expected to close by end of October 2015.

Shares of the company gained Rs 4.3, or 2.07%, to settle at Rs 212.40. The total volume of shares traded was 123,875 at the BSE (Friday).