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Eltek ASA Sells All Shares in Nera Telecommunications Ltd to Asia Systems Ltd. for SGD 88.8 Million


Monday, 19 Nov 2012 02:01pm EST 

Eltek ASA (Eltek) announced that it has entered into an agreement to sell all its shares in Nera Telecommunications Ltd (NeraTel) to Asia Systems Ltd. for a cash consideration of SGD 88.8 million (approximately NOK 418 million) before transaction costs. No conditions are outstanding and Eltek expects to complete the transaction early next week. The transaction marks the final step in Eltek's strategic refocusing on its power electronics business. Eltek's shareholding of 181,136,000 shares in NeraTel corresponded to a shareholding of 50.05%. As a result of the acquisition of the shares, Asia Systems Ltd. will announce a mandatory unconditional cash offer for all the remaining shares in NeraTel at the same price of SGD 0.49 per share. Asia Systems Ltd. is a recently incorporated company formed for the purpose of making the offer, and is ultimately controlled by the Northstar Group, a Southeast Asia private equity firm. Rippledot Capital has acted as Eltek's financial adviser. Eltek's strategic focus lies within the power electronics industry, and the transaction will strengthen the Company's financial platform to further develop the core business activities. All assets and liabilities affected by this transaction were already 'held for sale' at carrying amounts in Eltek's Balance Sheet. 

Company Quote

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11 Jul 2014