Powell to acquire Remsdaq for $16.3M

Powell (POWL) announced that it has entered into a definitive agreement to acquire Remsdaq for a total consideration of GBP 12.2M, or approximately $16.3M. Total consideration for the transaction is based on an enterprise value of GBP 12.2M and will be funded with cash on hand. The consideration includes an upfront payment of GBP 9.2M with the remaining portion contingent upon Remsdaq meeting certain technical and financial milestones. Management expects the transaction to close during the fourth quarter, subject to customary closing conditions. Upon close, Remsdaq will become a wholly owned subsidiary of Powell.