Electro-Sensors, Inc. (ELSE), an industrial monitoring systems company, and steute Technologies GmbH & Co. KG., a portfolio firm of investment company Battery Ventures, announced on Tuesday that they have inked a deal pursuant to which steute will buy Electro-Sensors.
Electro-Sensors will receive $7.75 per share in cash, which represents a premium of around 75% to the closing price of ELSE on April 20.
The transaction is expected to be closed within 10 business days following satisfaction of customary closing conditions.
Post transaction, Electro-Sensors will become a wholly owned subsidiary of steute, and ELSE shares will no longer be traded on the Nasdaq.
Martin Kunz, CEO of steute, said: "Electro-Sensors significantly enhances steute Technologies' product and service offerings in the industrial market with an extensive, complementary line of solutions we feel will strengthen the value our customers gain from our products."
steute is a maker of high-quality switching devices, sensors, and wireless networks for complex medical and industrial applications.
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