Thu, 31/07/2014 - 12:05
Israeli private equity fund FIMI Opportunity Fund is to acquire 40 per cent of Magal Security System’s shares from Ki Corporation at a price of USD3.50 per share.
Magal is a provider of solutions and products for physical and cyber security.
In addition, FIMI will pay Ki an additional consideration subject to the occurrence of certain conditions. Following consummation of the transaction, FIMI will be the largest shareholder of Magal.
The transaction is subject to certain conditions, including the approval of the Israeli Controller of Restrictive Trade Practices.
Gillon Beck, a senior partner in FIMI, says: "We are enthusiastic about becoming the controlling shareholder of Magal and the opportunity to lead the company together with its management and employees to reach its full potential. Magal has always been the world leader in advanced perimeter security projects and products. With over 40 years of experience, a strong customer base, reputation and world-renowned products and solutions, we believe that the company is well positioned towards significant growth and prosperity."
Barry Stiefel, chairman of Magal, says: "FIMI's investment represents a vote of confidence in Magal by one of the leading private equity funds in the world. We welcome FIMI as Magal's controlling shareholder and look forward to leveraging FIMI's expertise and experience in growing the business."
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