Australian firm XTEK, a developer of defence and security technologies, has agreed to acquire US firm HighCom Armor Solutions, a specialist in body armour and personal protective equipment.
XTEK said on 17 July that the acquisition will be worth at least AUD3.6 million (USD2.5 million) and funded through a sale of four million XTEK shares worth AUD1.8 million, a cash consideration of AUD1.8 million, and future earnings based on HighCom’s performance in 2019.
The acquisition is subject to approvals but is expected to be complete in September.
XTEK said that that HighCom – headquartered in Columbus, Ohio – generated revenues of AUD10.5 million and EBITDA of AUD1.4 million in 2018.
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