LONDON (dpa-AFX) - XP Power (XPP.L) said that it has acquired the business and assets of Comdel Inc., a designer and manufacturer of radio frequency or 'RF' power supplies. Total consideration of US$23.0 million or 17.0 million pounds was paid in cash on completion.
The Acquisition is on a debt and cash free basis and was funded with a new revolving credit facility of US$40.0 million with a US$20.0 million additional accordion option. The new facility is in place to assist the company's inorganic growth strategy.
Comdel is based in Massachusetts, USA, and supplies the industrial and technology sectors with a range of standard, modified and custom high power RF power conversion products. Comdel typically supplies RF power supplies to the semiconductor, thin film, photovoltaics, and induction heating industries.
The Acquisition is expected to be enhancing to the Company's earnings per share in 2018.
Scott Johnson, Chief Executive Officer of Comdel, will remain with the business and head up XP Power's newly formed RF Power division.
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