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).
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"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.
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