API Technologies Corp. announced yesterday the successful completion of their acquisition of Spectrum Control, Inc. (SPEC). API completed the acquisition via a merger of a wholly-owned subsidiary with and into Spectrum.
The closing of the acquisition of Spectrum Control, Inc. allows API Technologies Corp. to gain significant expertise in RF, sensors and measurement, as well as power systems management technology. In addition, this acquisition provides significant scale, manufacturing capacity, and product diversity.
As a result of the merger, all outstanding shares of Spectrum Control, Inc. common stock were converted into the right to receive $20.00 per share in cash, without interest and less any required withholding taxes. API Technologies Corp.’s payment agent will mail to Spectrum record stockholders materials necessary to exchange Spectrum stock certificates for such payment. Spectrum shares stopped trading on the NASDAQ Global Select Market due to the Merger.
Bel Lazar, President and Chief Operating Officer of API Technologies Corp., commented, “Spectrum offers one of the widest ranges of RF product solutions worldwide, which complements our existing business in engineered systems and subsystems, and secure communications. With this business combination, we will offer an even broader range of high-reliability solutions to meet technically demanding applications.”
Brian Kahn, Chairman and Chief Executive Officer of API Technologies Corp., stated, “We are very pleased to have completed the acquisition of Spectrum, which is one of the premier developers, designers, and manufacturers of high-performance, custom solutions for defense, aerospace, industrial, communications and medical customers worldwide. I want to personally welcome the Spectrum team to API, where together we will continue our strategy of building the premier products, solutions and services to meet the diverse needs of our global customer base.”
Headquartered in Orlando, Florida, API Technologies Corp. is a provider of electronic systems, subsystems, RF, and secure communications products and services for defense, aerospace, and commercial applications. The Company’s international customers include many leading Fortune 500 companies.
For more information visit: www.apitech.com