Airgain To Buy Assets Of Antenna Plus

(RTTNews) - Airgain Inc. (AIRG), a provider of embedded antenna technologies used to enable high performance wireless networking, said it has entered into an asset purchase agreement with MCA Financial Group, Ltd., acting as the appointed receiver for Antenna Plus, LLC, to acquire substantially all of the assets and certain liabilities of Antenna Plus.

A privately-held supplier of antenna solutions based in Scottsdale, Arizona, Antenna Plus develops high-quality antenna products for mobile and automotive fleet applications for government, public safety, and Industrial IoT (Internet of Things) markets.

The purchase and sale were made pursuant to a court order for the sale and disposition of the assets of Antenna Plus, for a cash purchase price of approximately $6.4 million on April 7, 2017.

The acquisition is expected to close within 20 calendar days, subject to the satisfaction of customary closing conditions. Antenna Plus generated unaudited revenue of $7.5 million in 2016.

Airgain expects the transaction to be accretive within 2017 and to improve its long-term revenue potential.