CUI Global (NASDAQ:CUI) announced that they have acquired Orbital-UK for 17.0 Million Pounds Sterling.
As quoted in the press release:
The acquisition will also immediately add significant revenues and earnings to CUI Global. The SPA calls for purchase of all of the outstanding shares in Orbital-UK and its subsidiary for a gross purchase price of £17.0 million. The transaction is expected to close by April 30, 2013, subject to customary closing conditions, including regulatory approval. The purchase is to be funded in part by a future equity offering and available cash resources.
CUI Global’s President & CEO, William Clough, said:
We believe the acquisition offers significant synergies for revenue growth. Orbital-UK’s internationally recognized expertise in the natural gas industry, including bringing together the patented VE-technology with the Vergence® device from CUI Global offer natural gas operators/users a comprehensive solution set for the next generation of energy metering systems.
Get the top stories on resource investing FREE!Learn what is going on before you buy from this FREE Special Report, Who is Kitco? to US Mint: Sold Out! – Top Articles from Resource Investing News.