Shoosmiths has advised NOTE AB, a leading electronics manufacturing services provider listed on Nasdaq Stockholm, on its £72.5m acquisition of the entire issued share capital of STI Enterprises Holdings Limited (STI), the UK’s leading manufacturer for electronic solutions across the defence industry.
Published: 7 May 2026
Headquartered in the UK, STI operates two high-technology production sites in Hook and Poynton and employs approximately 300 people. The business is expected to generate revenues of around £60 million in 2026 and brings significant technical capabilities in advanced printed circuit board assembly, box build and testing. The acquisition significantly strengthens NOTE’s position within the strategically important defence sector and expands its Security & Defence segment.
Shoosmiths advised NOTE on all aspects of the transaction, including corporate, tax and securing clearance under the UK’s National Security and Investment Act.
Under client Partner Crispin Bridges Webb, the Shoosmiths team was led by Rosie Hendon (Legal Director), supported by Hugh White (Senior Associate) and Millie Gore (Associate). Tax advice was provided by Laura Gould (Partner), Manpreet Shoker (Senior Associate) and Amelia Hicks (Associate).
Crispin Bridges Webb, Partner at Shoosmiths, commented: “We are delighted to have supported our long-standing client NOTE on its acquisition of STI. The transaction is a significant, strategic step for NOTE and progresses its growth in the defence and aerospace sectors. We’re seeing strong appetite for defence and aerospace M&A across Europe, alongside rising valuations and increased investment in these sectors. Against this backdrop, the ability to navigate complex regulatory and compliance requirements is becoming increasingly critical to the successful execution of these deals.”
Rosie Hendon, Legal Director, commented: “It has been a pleasure to support the NOTE team on another key milestone in its international expansion, and this transaction highlights Shoosmiths’ continued success in delivering successful high-value, cross-border acquisitions.”
Neil Owen, VP NOTE UK, commented: “This is our fifth acquisition in the UK and once again Shoosmiths have been instrumental in the success of the project. Acquisitions require enormous amounts of high-quality knowledge, professionalism and intense working. All of which are abundant within the Shoosmiths’ team.