Data I/O Corporation announced it has entered into a definitive agreement to acquire V-TEK, Inc., a semiconductor handling manufacturer, and A&J Programming, Inc., a device programming service provider. The total purchase price is approximately $23 million. To help fund the acquisition, the company also announced a proposed $13.25 million private placement securities offering.
Key Details
- Acquisition Price: Approximately $23 million, paid in a combination of cash and approximately $3 million (1.12 million shares) of Data I/O common stock.
- Financing: The deal will be funded by cash on hand, stock, and the proceeds from a proposed $13.25 million private placement of convertible subordinated debentures and common shares.
- Timeline: The acquisition is expected to close within the week, subject to customary closing conditions.