Benchmark Electronics, Inc and ACT Manufacturing, Inc. have announced that they have signed a Stock Purchase Agreement in which Benchmark will acquire the stock of ACT Manufacturing Thailand and ACT Manufacturing UK Ltd.
In previous press releases, ACT Manufacturing, Inc. announced that it had entered into a voluntary Chapter 11 bankruptcy process and had received court approval to conduct an auction process, at which Benchmark prevailed.
The transaction has been approved by the United States Bankruptcy Court for the District of Massachusetts. The transaction is currently expected to close in July 2002, subject to certain closing conditions.
The purchase price of $45.2 million will be funded through Benchmark’s currently available cash. The transaction includes the assumption of approximately $15 million of net debt under an interest-bearing debt facility.
Based on recent financial information, Benchmark currently expects annual revenues from this acquisition to be between $180 and $200 million.