Irish conglomerate DCC is to acquire Canadian firm Jam Group, in a deal that values the audio and consumer electronics company at $170m.

Jam makes a wide range of speakers, headphones and other audio equipment under its own label - while also producing equipment for third party brands.

DCC said the acquisition was part of its strategy of expanding its geographic footprint and product range and marked a "significant" strengthening of its technology business in North America.

Separately DCC today raised £606m (€681m) through the placing of new shares on the London Stock Exchange.

The firm said the placing would allow it to continue on its strategy of growing through targeted acquisitions.

This strategy has helped its growth in the past 12 months alone, with the firm today saying its half year operating profit was "well ahead" of the prior year due to its completed acquisitions.