Frequency Electronics completes full takeover of Elcom.
22 February 2012 a[euro]" US frequency control and synchronisation products developer Frequency Electronics Inc (NASDAQ:FEIM) said today it had concluded the acquisition of the shares it did not already own in local sector player Elcom Technologies Inc.
As a result, Frequency has taken full control of Elcom after holding a minority stake in the latter during the last five years, it said in a press release. The buyer did not say how much it paid for the remaining shares.
Under the all-cash transaction Frequency also eliminated all of Elcoma[euro](tm)s outstanding debt. The deal will help the buyer to grow in the field of satellite payload systems. Elcoma[euro](tm)s ultra-high speed switching synthesiser technology and Ka-band microwave spectrum expertise will potentially raise the value of Frequencya[euro](tm)s current content per single satellite payload of USD10m (EUR7.6m) to over USD25m.
Last year, Elcom generated revenues of nearly USD8.6m and is expected to boost sales and generate profits during Frequencya[euro](tm)s fiscal year starting 1 May 2012.Country: USASector: ElectronicsTarget: Elcom Technologies IncBuyer: Frequency Electronics Inc
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|Publication:||M & A Navigator|
|Date:||Feb 22, 2012|
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