Amino Technologies PLC has completed the acquisition of Entone Inc
Amino Technologies PLC (LSE: AMO), the Cambridge-based provider of digital entertainment solutions for IPTV, Internet TV and in-home multimedia distribution, is pleased to announce that it has completed the acquisition of Entone Inc. ("Entone"), a provider of broadcast hybrid TV and connected home solutions.
This follows the announcements on 21 July 2015 in relation to the Acquisition and Placing, and approval of the Resolutions at the General Meeting of the Company on 10 August 2015.
As previously announced, the Total Consideration comprises Initial Consideration of $65.0 million and Deferred Consideration of $8.0 million, of which $5.0 million will be payable on the first anniversary of Completion and a further $3.0 million payable on the second anniversary of Completion, to qualifying Entone Management only.
Following receipt of the Management Elections from Entone Management, the Company has determined that:
- On the first anniversary of Completion, the proportions of shares and cash to be subscribed for will be 1,087,442 Deferred Consideration Shares and $2.5 million cash; and
- On the second anniversary of Completion, the proportions of shares and cash to be subscribed for will be 652,459 Deferred Consideration Shares and $1.5 million cash.
Payment of the Deferred Consideration to the members of Entone Management is, in each case, conditional on such person remaining in service with Entone or the Enlarged Group (as applicable) on the first anniversary of Completion for the first Deferred Consideration payment and on the second anniversary of Completion for the second Deferred Consideration payment.
Defined terms used in this announcement shall have the meanings set out in the circular to shareholders of the Company dated 22 July 2015.
Donald McGarva, Chief Executive of Amino, commented:
"We are delighted to have completed the acquisition and look forward to integrating Entone into our business. This transformational acquisition broadens our capabilities and market reach globally across IPTV, hybrid broadcast and a range of connected home solutions.