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© vladek-dreamstime.com Electronics Production | July 14, 2014

Neways acquires BuS Group

Neways Electronics International N.V. (Neways) signed the purchase agreement for the acquisition of BuS Holding GmbH (BuS Group) which was first announced on 10 April 2014. The acquisition positions Neways in the top five of European EMS players.
BuS Group, headquartered in Riesa (Germany), has a total staff of approximately 900, including 50 developers and expects to book sales of around € 118 million with an EBIT margin of around 6% in 2014.

The details of the financing of the acquisition and the definitive purchase price will be determined based on the due dilligence which was completed at the beginning of July and BuS Group’s 2014 to be audited first half year results.

As earlier announced, the acquisition is financed with a mix of equity and debt. The bulk of the acquisition is financed by increasing the existing credit facilities from € 30 million to € 50 million and the issuance of € 5 million in subordinated convertible bond loans. Also as previously announced, the Board of Directors of Neways has been authorised by the annual general meeting of shareholders to issue new ordinary shares up to a maximum of 20% of the outstanding ordinary share capital.

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