Measurement Specialties Inc. (NasdaqGS:MEAS) acquired Spectrum Sensors and Controls, Inc. (California) from Spectrum Control, Inc. for $31.3 million in cash on April 17, 2013. Measurement Specialties will deposit $0.92 million in escrow at closing. The purchase price is subject to certain adjustments. Concurrently, Measurement Specialties acquired Spectrum Sensors and Controls, Inc. in Ohio and Pennsylvania and paid $6.5 million and $13.5 million, respectively, to Spectrum ... Control, Inc. Measurement Specialties had sufficient cash on hand or other sources of immediately available funds to enable it to make payment. The completion of transaction is subject to HSR approval, Governmental Authority approval, and execution of escrow agreement, trademark license agreement and transition services agreement. Net cash proceeds from the transaction will be used to pay down debt. Bradley L. Finkelstein of Wilson Sonsini Goodrich & Rosati acted as legal advisor and Jefferies LLC acted as financial advisor for API Technologies Corp. Joseph B. Alexander of DLA Piper LLP acted as legal advisor for Measurement Specialties, Inc.
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Measurement Specialties Inc. (NasdaqGS:MEAS) acquired Spectrum Sensors and Controls, Inc. (Ohio) from Spectrum Control, Inc. for $6.5 million in cash on April 17, 2013. The purchase price is subject to certain adjustments. Concurrently, Measurement Specialties acquired Spectrum Sensors and Controls, Inc. in California and Pennsylvania and paid $31.3 million and $13.5 million, respectively, to Spectrum Control, Inc. Measurement Specialties had sufficient cash on hand ... or other sources of immediately available funds to enable it to make payment. The completion of transaction is subject to HSR approval, Governmental Authority approval, resignation of Spectrum Sensors's Directors and execution of escrow agreement, trademark license agreement and transition services agreement. Net cash proceeds from the transaction will be used to pay down debt. Bradley L. Finkelstein of Wilson Sonsini Goodrich & Rosati acted as legal advisor and Jefferies LLC acted as financial advisor for API Technologies Corp. Joseph B. Alexander of DLA Piper LLP acted as legal advisor for Measurement Specialties, Inc.
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Measurement Specialties Inc. (NasdaqGS:MEAS) acquired Spectrum Sensors and Controls, Inc. (Pennsylvania) from Spectrum Control, Inc. for $13.5 million in cash on April 17, 2013. The purchase price is subject to certain adjustments. Out of the purchase price, $0.39 million shall be deposited in an escrow account. Concurrently, Measurement Specialties acquired Spectrum Sensors and Controls, Inc. in California and Ohio and paid $31.3 million and $6.5 million, respectively, ... to Spectrum Control, Inc. Measurement Specialties had sufficient cash on hand or other sources of immediately available funds to enable it to make payment. The completion of transaction is subject to HSR approval, governmental authority approval, execution of escrow agreement, trademark license agreement and transition services agreement. Net cash proceeds from the transaction will be used to pay down debt. Bradley L. Finkelstein of Wilson Sonsini Goodrich & Rosati acted as legal advisor and Jefferies LLC acted as financial advisor for API Technologies Corp. Joseph B. Alexander of DLA Piper LLP acted as legal advisor for Measurement Specialties, Inc. Citibank, N.A. acted as the escrow agent in the transaction.
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