Electronics For Imaging Buys Italy-based Reggiani Macchine

(RTTNews) - Electronics For Imaging Inc (EFII) on Wednesday announced the acquisition of Italy-based Reggiani Macchine in a move to gain an edge in the high-growth inkjet textile printing space.

As per the terms of the deal, EFI will repay Reggiani debt of about €20.1 million ($22.6 million), pay the former Reggiani shareholders up to about €27.4 million ($30.8 million) of cash, and issue the former Reggiani shareholders up to about €27.4 million ($30.8 million) of EFI stock.

EFI will also pay up to €50 million ($56.2 million) over as long as the next 30 months based on the achievement of revenue and profitability targets by the EFI Reggiani business.

Under certain circumstances, EFI is required to pay in cash some or all of the amount described above that is payable in EFI stock.

Based in Bergamo, Italy, Reggiani is a technology provider with a lineup of industrial inkjet printers utilizing water-based inks in printing on fabric. The company has about 190 employees.

The deal gives the company an immediate leadership position in one of the world's largest industries undergoing the transformation from analog printing to digital, said EFI CEO Guy Gecht.

Reggiani, whose inkjet technologies will be rebranded as EFI Reggiani, has customers in more than 120 countries served by a distribution network and agents in over 40 countries.