GLENTEL acquires 100% stake in Automotive Technologies (Wireless Zone)
Dec 03, 2012 (Datamonitor Financial Deals Tracker via COMTEX) --
GLENTEL, Inc. through its wholly-owned subsidiary GLENTEL (USA), Inc., has acquired 100% stake in Automotive Technologies, Inc. (doing business as Wireless Zone), an operator of chain of retail stores that sell various wireless products and services, for $83.3 million. GLENTEL (USA) and Automotive Technologies are US-based companies.
GLENTEL is a Canada-based provider of telecommunications services and solutions.
GLENTEL has funded the acquisition through $22.3 million of cash and a $61 million 5-year syndicated senior credit facility.
Announcement (November 27, 2012):
GLENTEL has entered into a binding agreement to acquire 100% stake in Automotive Technologies.
The total purchase price for 100% stock of Automotive Technologies and other consideration is $83.3 million. The purchase price will be funded by GLENTEL's cash, short-term investments, and committed bank debt.
Canaccord Genuity is acting as financial advisor to Automotive Technologies. The transaction is expected to complete in the December 2012.
Deal Value (US$ Million) 83.3
Deal Type Acquisition
Sub-Category 100% Acquisition
Deal Status Completed: 2012-11-30
Target (Company) Automotive Technologies, Inc. (doing business as Wireless Zone)
Acquirer (Company) GLENTEL (USA), Inc.
According to GLENTEL, the acquisition provides it with good concentration of stores in the eastern US states, where more than 65% of the population is situated, and will allow it to accelerate its growth nationally representing Verizon Wireless.
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