logo
Share SHARE
FONT-SIZE Plus   Neg

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

API Technologies Corp. (ATNY) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Kik Interactive Inc., the parent of chat app Kik, said it will launch a new cryptocurrency or token called Kin for use in everyday digital services, such as chat, social media and payments. Kik said it has decided to propose a new ecosystem of digital services that will be truly open and decentralized, and will start with a new cryptocurrency. Several companies have pulled advertisements from Sean Hannity's Fox News show after he continued to promote a conspiracy theory about Democratic National Committee staffer Seth Rich's death. Hannity has come under fire for spreading a conspiracy theory linking Rich's killing to Wikileaks. Best Buy Co., Inc. reported lower profit in its first quarter on the absence of last year's CRT settlement proceeds. However, earnings per share topped market estimates significantly with higher comparable sales. Looking ahead, for the second quarter, the company projects higher comparable sales, and also lifted fiscal 2018 forecast for higher growth.In pre-market, shares were gaining 11.9 percent
comments powered by Disqus
Follow RTT