Varex Imaging has completed the previously announced acquisition of Direct Conversion, a Stockholm-based leading manufacturer and marketer of linear array digital detectors utilizing photon counting and charge integrating technologies.
Varex paid €62.1million for approximately 97.4% of the outstanding shares of common stock of Direct Conversion and 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.
Source: Company Press Release.