SMT & Inspection | November 06, 2006

Elektrobit sells Test Business to Anite

Finland based SMT-supplier Elektrobit Group Plc. and UK-based Anite Group plc have signed a Share Purchase Agreement under which Elektrobit sell its Network Test Business to Anite.
The Transaction comprises the entire issued share capital of Elektrobit's subsidiaries Nemo Technologies Ltd and Elektrobit Group Pte. Ltd. and certain other related assets. The Network Test Business develops, produces and sells a range of software-based testing solutions for the measurement and analysis of the quality of the air interface between mobile terminals and the radio access infrastructure. The Network Test Business is part of Elektrobit's Test and Automation Business Segment and employs 39 people in Finland and 22 people abroad, mainly in the USA and Asia.

The cash consideration payable to Elektrobit by Anite as a result of the Transaction is EUR 85 million, subject to a post completion adjustment based upon the level of net assets in the Network Test Business at closing. In addition to the aforementioned purchase price, an additional amount, capped at EUR 12 million, is payable in cash upon the achievement of certain financial performance targets for the Network Test Business between January 1st and December 31st 2007.

The closing of the Transaction requires the fulfilment of customary closing conditions and the approval of Anite's shareholders at an Extraordinary General Meeting of Anite planned to be held on or around November 27th 2006 at which shareholders will vote upon the Transaction. If the said conditions are met, the transaction will be closed on approximately November 30, 2006, and by the end of the year at the latest.


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Further details can be found here.
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