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Stock Market & Financial Investment News

News Breaks
April 1, 2014
08:28 EDTARTXArotech acquires UEC Electronics
Arotech announced that it has acquired UEC Electronics, a company based in Hanahan, South Carolina. UEC will be integrated into Arotech's Battery and Power Systems Division. The initial acquisition price of UEC under the contract entered into with the seller of UEC consisted of $28.0M in cash and 775,000 shares of Arotech's common stock, plus a potential earn-out of $5.5M over the next two calendar years. On March 31, the closing price of Arotech's common stock on the Nasdaq Global Market was $6.22 per share, causing the common stock issued in the acquisition to be valued for accounting purposes at $4.82M, subject to potential reduction to reflect the fact that the stock being issued in the acquisition is unregistered and not freely tradable. Arotech's primary bank has funded $22.5M of the cash requirement, which Arotech expects to pay back over the next five years out of its operating cash flow.
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