Celestica Inc today announced that it is to acquire all of the outstanding shares of Singapore based Omni Industries for an estimated S$1.6 billion.
Under the agreement, Omni shareholders will be entitled to receive 0.045 subordinate voting shares of Celestica for each Omni share.
Omni shareholders will be able to elect to receive cash, instead of Celestica shares, in respect of some or all of their Omni shares on the basis of S$4.25 for each Omni share transferred under the agreement.
The transaction, which has been approved by the boards of directors of Omni and Celestica, is subject to Omni shareholder, court approvals and certain other conditions.
Certain shareholders of Omni, including its chairman, Wuthelam Industries (S) Pte Ltd. and key members of Omni management, who collectively own in aggregate approximately 32 per cent of the outstanding shares of Omni, have entered into agreements to vote their shares in favour of the transaction.
Celestica is a world leader in electronics manufacturing services (EMS) for industry leading original equipment manufacturers (OEMs), primarily in the computer and communications sectors.
With close to 9,000 skilled employees, Omni provides printed circuit board assembly and system assembly services, as well as other related supply chain capabilities including plastic injection moulding, IC equipment, substrates and distribution.