Amphenol tunes into Phitek Systems

Amphenol has acquired the audio equipment producer for approximately $60m, providing an exit to the New Zealand Venture Investment Fund.

New Zealand Venture Investment Fund (NZVIF), a government-owned investment firm, has exited New Zealand-based audio equipment and technology producer Phitek Systems following an acquisition by cable manufacturer Amphenol, DealStreetAsia wrote on Sunday.

Amphenol has reportedly put down approximately $60m for Phitek, before adjustments where the amount plus net cash was paid minus Phitek’s debt.

Additionally, Amphenol has set aside $2.4m of the purchase price to “satisfy future non-payment under an existing grant available to Phitek from Callaghan Innovation”, according to a filing to the New York Stock Exchange. Phitek secured government grants of $795,824 in the 2016 financial year and $485,463 in 2015.

Phitek designs in-flight entertainment products for commercial aircraft. Its backers also include TMT Ventures and K1W1.

See more from this Government Report: New Zealand

Back

Copyright Mawsonia Limited 2010. Please don't cut articles from www.globalgovernmentventuring.com or the PDF and redistribute by email or post to the web without written permission.

Most read

  1. UK to launch National Investment Fund

    August 01, 2017

  2. Canada makes visa scheme permanent

    August 01, 2017

  3. Big deal: CarTrade seeks path to CarDekho merger

    July 31, 2017

  4. PCCW OTT goes on air with $110m

    August 11, 2017

  5. News round up 31 July 2017

    July 31, 2017