MIGDAL HA'EMEK, ISRAEL -- PCB Technologies will acquire fellow electronics assembler AMS for NIS 40 million ($10.8 million) in cash and stock, the companies announced today.

Under terms of the agreement, PCB will pay AMS NIS 20 million in cash and will grant four million shares worth another NIS 20 million. The deal is expected to close within three months, subject to various conditions.

The deal includes an option for some ASM shareholders to be repaid NIS 32 million in owners' loans for shares, and PCB Technologies will allocate nearly 1,100 options, convertible within three years.

Rosh HaAyin-based AMS has 150 employees. It reported operating profits of NIS 468,000 and net losses of NIS 384,000 on revenue of NIS 40 million in the first half. It has operating profits of NIS 2.6 and a net loss of NIS 82,000 on NIS 79 million in revenue in 2017.

PCB Technologies manufactures printed circuits and assemblies, primarily for security and medical customers. It is also the parent of Cellergy and Precision Circuits. AMS serves the medical, industrial and communications markets. PCB Technologies is traded on the Tel Aviv Exchange, while AMS was formerly public but delisted three years ago.

PCB Technologies was itself acquired earlier this year by FIMI Opportunity Funds, a private equity fund led by Ishay Davidi. It has annual revenues of about $100 million and employees 700 workers.

• Prev
• Next