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Industry News
June 8, 2012
DGT Holdings Agrees to Sell Its Power Conversion Business to Ultra Electronics
DGT Holdings Corp. announced that it has reached a definitive agreement to sell its Power Conversion business to Ultra Electronics Defense, Inc., an affiliate of Ultra Electronics Holdings plc, a UK corporation, for $12.5 million in cash (subject to a potential working capital adjustment). Specific terms of the transaction, which is subject to shareholder approval and various other closing conditions, will be disclosed in SEC filings.
"We believe that the proposed sale will provide a home for our RFI business and employees that will allow the business to grow and thrive while also returning value to our shareholders," said John Quicke, President and CEO of the Company.
The Company’s Board of Directors has voted unanimously in favor of the transaction. In addition, Steel Partners Holdings L.P., which holds approximately 51.5% of the Company’s outstanding shares, has entered into a voting agreement in support of the transaction.
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The Company will call a special meeting of shareholders to seek approval of the transaction and issue a proxy statement containing detailed terms and conditions of the proposed sale, which proxy statement is subject to SEC review. Assuming satisfaction of all closing conditions and approval by shareholders, the transaction is expected to close within 90 days of signing.
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