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Mergers and Acquistions News

Categories: Telecoms

April 23rd 2009, 17:19PM

Ignis ASA, a supplier to the global telecoms market, has signed an agreement acquire Sweden-based Syntune.

To compensate for the equity in Syntune, Ignis is to issue 8.05 million shares and after an equity release the Swedish company will have a cash position of around SEK 25 million (£2.05 million) and debts of some SEK 41.8 million.

Under the terms of the acquisition, Ignis is to assume some of these debts, with Syntune's position such that it is expected to be able to fund its activities even in 2010.

Syntune is provider of tunable laser products and technology and for Ignis the deal bolsters its product range.

Thomas Ramm, chief executive officer of Ignis ASA, suggests that the acquisition is a natural progression for the firm.

"Syntune has invested a significant amount of time and resources into the development of very promising tunable laser products - an increasingly more important product segment in the optical market," he explained.

In February, Ignis signed a deal with and Asian optical firm, with a potential value of up to $8 million (£11.6 million).
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