Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

API Technologies Buys C-MAC Aerospace For About $33 Mln - Quick Facts

RELATED NEWS
Trade ATNY now with 

API Technologies Corp. (ATNY: Quote) said it has completed the acquisition, through its UK-based subsidiary API Technologies (UK) Ltd., of the entire issued share capital of C-MAC Aerospace Ltd., a portfolio company of Francisco Partners and Shah Capital Partners, for a total purchase price of approximately $33 million.

API Technologies noted that the purchase delivers immediate EBITDA and cash flow accretion.

In connection with the closing of this transaction, API has amended and restated its credit agreement to provide an additional $16 million of term debt, resulting in a current total of $184.7 million of term debt.

After closing the purchase of C-MAC, API raised $16 million of capital from Senator Investment Group LP through the form of a convertible subordinated note, which will convert into preferred equity of API upon shareholder approval of the underlying class of preferred equity. Senator will have the option to convert the notes or any preferred equity issued upon conversion of the note into common equity of API at $6.00 per share.

Brian Kahn, Chairman and Chief Executive Officer of API Technologies, said, "..This strategic acquisition strengthens our leadership position in the RF/microwave and microelectronics field. We are very pleased to have the support of our lenders to complete this transaction, which we believe adds significant and immediate value to our shareholders."

"C-MAC acquisition is a major step forward towards our vision of being a dominant technology provider for the RF/Microwave and Microelectronic high-reliability end markets. C-MAC brings to API a large portfolio of proprietary and differentiating products along with an increased European and international presence," said Bel Lazar, President and Chief Operating Officer of API Technologies.

Register
To receive FREE breaking news email alerts for API Technologies Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
A ban on athletes using stamina-boosting gases - xenon and argon - came into effect on Monday. The World Anti-Doping Agency (WADA) said Hypoxia-Inducible Factor (HIF) activators Xenon and Argon have been added to the 2014 List of Prohibited Substances and Methods List following the required three-month notice period and UNESCO's communication to all States Parties. A recommendation to revise the British manufacturing growth eased further in August to its lowest level in 14 months as output and demand increased at slower rates, survey results from Markit Economics showed Monday. The Markit/CIPS Purchasing Managers' Index dropped to 52.5 from a revised 54.8 in July. Economists had expected the score to fall to 55.1 from July's original figure of 55.4. Consumers spent less in July than in the previous month, a surprise retreat that complicates the prevailing belief that the U.S. economic situation is improving. Along with the unexpected drop in spending, government figures released on Friday showed that incomes rose at a slower pace in July than in the previous month. Meanwhile, data on prices indicated that inflation pressures remain tame.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.