(TendersInfo (India) Via Acquire Media NewsEdge) Yamaha Corporation and Line 6, Inc. announced an agreement for Yamaha to acquire Line 6, a manufacturer of innovative solutions for musicians.
This expands Yamaha's portfolio in modeling guitar processing products, pro-audio equipment, and new opportunities for growth for both companies.
Line 6 delivers POD multi-effect processors, digital effects, guitar amplifiers, modeling guitars, profession instruments and microphone digital wireless systems, digital live sound mixers, speakers as well as iOS interfaces.
In the agreement, Yamaha will operate Line 6 as a subsidiary to realize the opportunities for two brands with continuing Line 6's operations and management.
Takuya Nakata, President of Yamaha Corporation said, I am very happy that Line 6, which has been creating innovative products and creating new market opportunities consistently over its history, will become a member of the Yamaha group. We look forward to accelerating our growth strategy by pursuing the beneficial effects from both companies and by utilizing Line 6 s core brand power centered on guitarists that is so highly regarded worldwide as well as its unique technology, planning and development capabilities.
Line 6 co-founder and chief strategy officer Marcus Ryle said, For over 30 years of developing products, and even further back to my earliest memories as a developing musician, Yamaha has been the brand for which I have always had the most respect. Yamaha has consistently set the standard in our industry for quality and innovation, and I am very proud for Line 6 to now be a part of this incredible legacy.
Line 6 CEO and president, Paul Foeckler said "Yamaha s acquisition of Line 6 will help accelerate the realization of our vision to drive innovation for musicians across the globe. We re proud that Yamaha recognizes the innovation and value in our people, IP and processes and we re excited about the opportunities ahead to expand our reach.
1. Based on the resolutions adopted by the Line 6 and the Yamaha, a definitive agreement has been executed regarding the acquisition of all of the capital stock of Line 6.
2. Yamaha will acquire all of the capital stock of Line 6 owned by the founders, venture funds and employees.
3. The transaction will be completed in January 2014 after customary regulatory approvals.
Wells Fargo Securities, LLC is serving as the financial advisor to Line 6, Inc. and Kirkland and Ellis LLP are serving as legal advisor to Line 6, Inc.
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