8 August 2012
Daniels Electronics is Acquired by Codan Limited
Codan Limited has acquired the North American market leading designer and manufacturer of Land Mobile Radio communications, Daniels Electronics Limited.
The upfront cash payment of CAD $25 million is due on the date the acquisition is scheduled to be complete, 17th August 2012. Additional payments of up to CAD$2 million are a possibility if agreed upon earn-out targets are achieved within the next 18 months. Codan has also announced that a mix of debt and equity will finance this purchase.
Codan’s strategy of expanding market share and evolving its radio communications product range is strengthened by the acquisition of Daniels Electronics. Codan Limited is a company that specialises in designing, manufacturing and marketing a broad range of high value added electronics. Their three core business divisions are radio communications, mining technology and metal detection.
“The acquisition of Daniels begins a transition for Codan beyond solely High Frequency systems to a communications solutions provider. Daniels provided the opportunity to enter the Land Mobile Radio market with a competitive and established product line,” said Kevin Kane, president and general manager, Codan Communications Division.