IEC: Creation Technologies to acquire IEC Electronics
Creation Technologies Inc. signed a definitive merger agreement and will acquire all outstanding shares of IEC Electronics Corp. for USD 15.35 per share in cash, representing a fully diluted equity value of approximately USD 173.8 million and an aggregate enterprise value of USD 242.3 million, based upon net debt of USD 68.6 million.
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IEC is a New York-based company that offers services such as electronic manufacturing, product testing and system assembly for sectors including defense and medical.
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