Electronics Production | October 02, 2009
Elcoteq has signed a letter of intent with Videocon
Elcoteq has signed a non-binding Letter of Intent with Videocon Industries Limited, granting the authority to negotiate and finalize a potential Definitive Transaction Agreement.
Elcoteq's Board of Directors has given authorization to proceed with the due diligence and contract negotiations with Videocon. The parties are aiming at a rapid process to conclude the negotiations and sign the Agreement. The transaction is expected to close by the end of the year. The closing of the transaction will be subject to all the requisite and applicable regulatory, statutory and corporate approvals of both Videocon and Elcoteq. Elcoteq and Videocon will proceed with the negotiations regarding the debt restructuring as previously announced.