Neways and Infestos agree on an offer
Neways Electronics and Infestos announces that the companies have reached a conditional agreement on a recommended public offer for all of the issued and outstanding ordinary shares in Neways.
According to the agreement, Infestos will offer EUR 14.55 in cash per share, representing a total consideration of approximately EUR 177.5 million. The management board and supervisory board of Neways believe the offer is in the best interest of the company and all its stakeholders and are therefore recommending the offer and transaction. “Infestos is a strong and entrepreneurial investment firm that is well-positioned to support us in realizing our long term ambitions,” says Eric Stodel, CEO of Neways, in a press release detailing the offer. The CEO continues to state that while Neways will continue to develop its in-house talent and technological expertise, Infestos is the right partner moving forward. “We are convinced that Infestos is the right partner for this next phase of development. With their expertise they can help us to further accelerate the roll-out of our transition and growth of our business in the years to come, whilst remaining an independent company,” Mr. Stodel continues. “We are excited to join Neways in its journey to become a best in class EMS company. We fully support its ‘One Neways’ and ‘System Innovator’ strategy. We believe this strategy can create long-term value whilst Neways remains an independent publicly listed company,” says Frank van Roij, Investment Director of Infestos, and continues. “With our extensive experience in transitioning and growing strongly positioned technology companies, we are looking forward to working together with Neways on accelerating its journey of profitable growth.” According to the agreement, there will be no material reorganisations or restructuring plans which would result in redundancies with respect to Neways’ employees as a direct consequence of the offer.