Key Technology Inc Signs Definitive Agreement To Acquire Visys NV

Key Technology Inc announced that it has signed a definitive agreement to acquire Visys NV, a supplier of digital sorters. Under the agreement, Visys will become a wholly-owned subsidiary of Key Technology. The transaction is scheduled to be completed February 28. Under the terms of the agreement, shareholders of privately-owned Visys will receive approximately $13.0 million in cash, 600,000 shares of Key Technology Common stock, and 250,000 Key Technology warrants. The total value of the deal is approximately $21 million. Visys, founded in 2004, had sales of approximately $12 million in 2012. The transaction is expected to be accretive within the first twelve months.