Varex Imaging Corporation has completed the previously announced acquisition of Direct Conversion AB, a Stockholm-based leading manufacturer and marketer of linear array digital detectors utilizing photon counting and charge integrating technologies.
Varex paid €62.1 million for approximately 97.4% of the outstanding shares of common stock of Direct Conversionand assumed €2.6 million of Direct Conversion net debt for a total acquisition price of €64.7 million. In addition, the Direct Conversion shareholders will receive €10 million of deferred compensation, subject to certain adjustments, payable on the first anniversary of the closing of the transaction in a mixture of Varex common stock and cash.
Varex funded the acquisition using $7 million of available cash and $64 million of debt under its existing credit facility, as amended on March 21, 2019.
About Direct Conversion
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Under its Ajat and XCounter brands, Direct Conversion provides innovative linear array digital detector products that are incorporated into imaging systems used globally by a broad range of medical and industrial customers: systems used by orthodontists, orthopedic radiographers, oil and gas engineers, food packagers and nuclear site inspectors. Direct Conversion is one of the world’s largest manufacturers of CdTe detectors. For more information about Direct Conversion visit directconversion.com.
Date: May 06, 2019
Source: Varex Imaging