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.