Amtek to buy Interplex Industries for up to $267m
AMTEK Engineering, a Singapore-listed manufacturer of precision-engineered components, said yesterday it will buy Interplex Industries, which designs and makes miniature precision-engineered solutions.
Amtek will pay up to US$210 million (S$267 million) for the United States-based firm, it said in a press release.
Of that amount, US$165 million will be paid at the close of the transaction, which is expected to take place in the first half of next year, subject to a series of approvals. Another US$11 million will be paid as a deferred payment.
Amtek has also agreed to pay up to US$34 million in earnout payments, which are based on the performance of Interplex following the acquisition.
The payments will depend on Interplex's earnings before interest, tax, depreciation and amortisation for the 2014 to 2016 financial years.
The transaction will be funded through a combination of Amtek's existing liquid assets, cash and new borrowings.