Telecommunications networking firm Applied Innovation Inc. said Friday it agreed to be acquired by privately held KEG Holdings Inc. in a cash deal worth $52.7 million.
Applied Innovation said it agreed to the $3.45 per-share takeover by KEG, the Hillsboro-Ore.-based parent company of network equipment maker Kentrox LLC.
When the transaction is complete, investment firm Investcorp Technology Partners will have a controlling stake in KEG Holdings, Applied Innovation said in a prepared statement.
The boards of directors of both companies and Applied Innovation's founder, Gerard B. Moersdorf, approved the transaction, Applied Innovation said.
The deal is expected to close by the end of the second quarter. Shares of Applied Innovation were up 15 cents, or 4.7 percent, to $3.35 in midday trading on the Nasdaq Stock Market.
AP
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment