News Article
Acquisition of Atmel Grenoble
e2v technologies plc ("e2v", the "Company" or the "Group"), announced that its subsidiary, e2v technologies S.A.S., has conditionally agreed to acquire Atmel Grenoble S.A.S. ("Atmel Grenoble") for a total consideration of US$140 million (approximately £76 million) in cash subject to a post-completion adjustment based upon the level of net working capital in Atmel Grenoble at completion (the "Acquisition").
The Acquisition is to be funded from new banking facilities totalling £150 million and is expected to complete on 31 July 2006. Commenting on the Acquisition, Keith Attwood, Chief Executive of e2v, said: "The acquisition of Atmel Grenoble is an excellent opportunity for e2v and we look forward to working closely with Atmel Grenoble's experienced management team to develop the Enlarged Group's business."We believe Atmel Grenoble is a great strategic fit for e2v and this acquisition will significantly strengthen our sensors sales across our core professional imaging market, whilst providing exceptional opportunities to extend our reach into existing market sectors with a broader range of products. In addition, we see cross-selling opportunities arising from the extended customer base that becomes available to the enlarged group."