IEC Electronics Agrees To Be Taken Private By Creation Tech In $242.3 Mln Deal

(RTTNews) - IEC Electronics Corp. (IEC) agreed to be acquired by Creation Technologies for $15.35 per share in cash, representing a fully diluted equity value of about $173.8 million and an aggregate enterprise value of $242.3 million, based upon net debt of $68.6 million.

The purchase price represents a premium of about 47% to IEC's closing share price on August 11, 2021, the last full trading day before today's announcement. The transaction is expected to close by early October 2021.

Upon completion of the transaction, IEC will become a privately-held company and shares of IEC's common stock will no longer be listed on any public market.