ASKER, NORWAY – Kitron completed the acquisition of 100% of the shares of BB Electronics, which was announced Dec. 20. No financial terms of the transaction were disclosed.

"This transaction fits perfectly with Kitron's growth strategy,” said Peter Nilsson, president and CEO, Kitron. “BB Electronics is a profitable company, which adds attractive geographies to the Kitron group and is expected to create significant value for Kitron shareholders. Its well-run operations will continue with little change, but we will immediately identify potential cost savings from coordinating purchases."

The acquisition took place in accordance with the transaction agreement. BB Electronics will be consolidated into Kitron's financial reporting as of January.

BB Electronics has some 750 employees in Denmark, the Czech Republic and China and had revenues of about DKK 1 billion (US$152.2 million) in 2021.