Board of Cyient DLM approves acquisition of Altek Electronics Inc.

The Board of Cyient DLM at its meeting held on 03 October 2024 has approved the acquisition of 100 % stake in Altek Electronics Inc. through its wholly owned subsidiary Cyient DLM Inc.

Altek Electronics is an electronic manufacturing services provider in the United States. Serving various industries, including but not limited to medical, industrial, telecommunications, and defense contractors, Altek is involved in the entire product life cycle'from prototype to end-of-life services, specializing in PCBA assembly, and upper-level assembly.

The purchase price for the transaction will be paid on an Enterprise Value basis; on a Debt Free, Cash free basis and will be equal to an upfront payment of $ 23.4 Mn and an Earnout of a maximum of $ 5.8 Mn based on performance.