TKH Group and Optelecom-NKF have entered into a definitive merger agreement for a subsidiary of TKH to acquire all of the outstanding shares of Optelecom-NKF in an all cash merger transaction for US$2.45 per share. With roughly $3.7 million shares outstanding, the transaction should be approximately $9 million.
“The strategic fit between TKH and Optelecom-NKF is excellent. Optelecom-NKF's portfolio is complementary to TKH's existing portfolio and strengthens. TKH's position is in the infra, transport and public transit market. Optelecom-NKF's customers get access to the broad portfolio of TKH's security solutions.” “With a strong focus on R&D at both companies, a position in the security segment is aimed for. The internationally focused sales activities of Optelecom-NKF are in line with TKH's objective to increase the turnover generated by the security solutions to 20 percent of the total turnover,” said Alexander Lof, CEO of TKH.
“The knowledge components and techniques of TKH companies are combined to create innovative solutions to customer needs. As a member of TKH, this approach will enable Optelecom-NKF to provide complete security solutions to our customers, increasing the value we can add through our strong network of relationships,” said Dave Patterson, President and CEO of Optelecom-NKF. In a time of increasing consolidation within the global security industry, this transaction with TKH represents value for shareholders and a good strategic fit for Optelecom-NKF.”
Additionally, Optelecom-NKF and Draka Holding have agreed to a 30-percent reduction in the principal amount payable by Optelecom-NKF to Draka under the promissory note entered into in connection with Optelecom-NKF's acquisition of NKF Electronics B.V. from Draka in 2005.