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June 5, 2014
10:12 EDTMICTMicronet Enertec announces closing of Beijer Electronics unit acquisition
Micronet Enertec Technologies announced that its subsidiary Micronet completed the previously announced acquisition of certain assets and liabilities of the MRM/FM business division of U.S. based Beijer Electronics, a fully owned subsidiary of Beijer Electronics. Micronet purchased all related intellectual property, product rights, production files, customer base, sales and marketing network, sales leads and initiatives, technical support operation, inventory, and all related agreements. As part of the acquisition, key MRM/FM division employees joined Micronet ensuring an efficient continuous operation and contributing for the future growth of the company. Pursuant to the terms of the Asset Purchase Agreement, Micronet paid Beijer, at the closing of the transaction, $6.5M of which the amount of $4.85M was financed through a bank loan. The balance of the purchase price was funded by Micronet through its own independent resources. In addition, in accordance with the terms of the Asset Purchase Agreement, Seller provided Micronet with an estimated inventory value report pursuant to which the value of inventory which is subject to post closing adjustment is set at $800K.
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