The electronics, information systems, and medical equipment company will buy 50.1% of the share capital of CMT Medical Technologies Ltd. (EuroNext: CMD) at a price of £5.65 per share.
The transaction values CMT at ?21.5 million.
CMT develops medical imaging systems. Its current market value is £8.7 million, so that the deal represents a premium of more than 100%.
Yokneam-based CMT develops and markets advanced digital X-ray imaging systems. It also operates a subsidiary in the US, CMT Medical Technologies Inc., which markets its products there.
President and CEO Amit Meridor head CMT.
Magal's systems to protect utility sites in Europe
Magal's computerized security system will be installed at dozens of facilities.
Computerized security system developer Magal Security Systems Ltd. (Nasdaq: MAGS; TASE: MAGS) has signed contracts to provide intrusion detection systems at dozens of utility facilities in Eastern Europe.
The company reported that it recently signed approximately $5 million of contracts to supply and install the systems at utility facilities located in Eastern Europe. The systems will be supplied and installed during 2008 and 2009.
The turnkey project includes Magal's DTR-2000 Taut Wire Intrusion Detection System, combined with a dual technology motion sensor (passive infrared and microwave), integrated by a control unit.
Magal CEO Izhar Dekel said, "We have been active in Eastern Europe for a number of years and we believe that these orders confirm our reputation in this region and the satisfaction of our current customers with our security products and solutions. We see great potential in this emerging sensitive utility facilities market segment, which is now experiencing an increased demand for site protection and surveillance."
Dekel tendered his resignation in November, and will step down in about five months.
Yehud-based Magal develops and markets computerized security systems, which automatically detect, locate and identify the nature of unauthorized intrusions. It also supplies video monitoring services through US subsidiary Smart Interactive Systems, Inc.