Electronic and software solutions company Ultra Electronics says that its acquisition of a US power conversion business is now complete after having received the approval from the other party's shareholders.
The acquired unit is operated by RFI Corporation, a manufacturer of proprietary, high-voltage power conversion subsystems and a subsidiary of American electronics firm DGT Holdings.
Ultra was waiting on DGT's shareholders to give the green light before the transaction, which was first agreed in June, could close. The unit was acquired for a cash consideration of $12.5m (subject to a potential working capital adjustment).
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"I am pleased that we have acquired RFI. It has strong market and technical synergies with EMS with which it will be combined to the benefit of both businesses," said Ultra's Chief Executive Rakesh Sharma.
BC
-
Is a mortgage in retirement always a bad idea?A mystery shopper exercise shows high street lenders are “shunning” retirees looking to take out a mortgage. Are they right to do so?
-
Three funds to consider as UK small caps trade at 30% discountUK small caps have been unloved for some time, but a shifting economic environment could give them a boost
