Brief: Tagmaster Acquires Radar Division Of Image Sensing Systems

TagMaster AB

28/08/2023 07:39

Aug 28 (Reuters) - TagMaster AB  TAGMb.ST :
    * TAGMASTER, THROUGH ITS US SUBSIDIARY SENSYS NETWORKS,
ACQUIRES
THE RADAR DIVISION OF IMAGE SENSING SYSTEMS
    * THROUGH ITS US SUBSIDIARY SENSYS NETWORKS, HAS SIGNED AN
AGREEMENT TO ACQUIRE RADAR DIVISION OF IMAGE SENSING SYSTEMS,
INC. (ISS), A MINNESOTA, US, CORPORATION
    * PURCHASE PRICE IS APPROXIMATELY USD 4.8 MILLION ON A DEBT-
AND
CASH-FREE BASIS.
    * TAGMASTER GROUP'S PROFORMA REVENUE IN 2022 INCLUDING NEW
UNIT
WILL BE APPROXIMATELY SEK 400 MILLION WITH AN ADJUSTED EBITDA OF
SEK 25 MILLION
    * WITH PLANNED INTEGRATION SAVINGS, EBITDA FOR ACQUIRED
RADAR
DIVISION IS EXPECTED TO BE POSITIVE IMMEDIATELY FOLLOWING
ACQUISITION
    * ACQUISITION IS A CASH TRANSACTION AND IS FINANCED THROUGH
A
COMBINATION OF NEW DEBT FACILITIES AND CASH.
    * APPROXIMATELY USD 3.5 MILLION IS SECURED IN A NEW LOAN
    * PURCHASE PRICE WILL BE PAID IN FULL AT CLOSING OF DEAL
    * ACQUISITION IS EXPECTED TO BE COMPLETED BY END OF Q3 2023.
    * ACQUISITION IS STRUCTURED AS AN ASSET PURCHASE BY SENSYS
NETWORKS OF ALL ASSETS RELATED TO ISS RADAR DIVISION.
    * PURCHASE PRICE IS APPROXIMATELY USD 4.8 MILLION ON A DEBT-
AND
CASH-FREE BASIS

Source text for Eikon:  ID:nWkr13hC2w 
Further company coverage:  TAGMb.ST 

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