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

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