© tamas ambrits dreamstime.com Electronics Production | December 23, 2019
Filtronic inks agreement to sell its Swedish operations
Filtronic plc has reached an agreement for the sale of its Telecoms Antenna Operations to Microdata Telecom Innovation Stockholm AB (Microdata Telecom).
The sale will complete on 2 January 2020 for an initial cash consideration of GBP 4.2 million on a cash free-debt free basis with a further potential deferred consideration whereby Filtronic will take an equal share of the gross profit that outperforms the mutually agreed gross profit targets. Filtronic announced its intention to sell its Telecoms Antenna Operations in September 2019 following a strategic review. The sale comprises the entire share capital of Filtronic Wireless AB in Sweden and certain antenna manufacturing assets held by our Chinese subsidiary. "I am delighted to confirm that we have signed an agreement with Microdata Telecom to purchase our Telecoms Antenna Operations. The sale strengthens our balance sheet, simplifies our business, and enables us to focus on business activities that better suit our core strengths. Microdata Telecom is an ambitious and rapidly growing company with a strong wireless telecoms pedigree. Being based in Taby, Sweden, it is well known to our Telecoms Antenna Operations and is an excellent destination for our staff, customers and products," says Reg Gott, Executive Chairman, in a press release.