Brady Corporation [NYSE: BRC] has inked an agreement with Nordic ID for its acquisition. The firm has commenced the tender offering to buy all the due shares of Nordic ID for EUR 3.30 per share, which equals a total investment acquisition price of EUR 8.1 million (USD 9.7 million). It also includes the supposition of external debt of nearly USD 3 million.
Brady Corporation disclosed that it will use the profit outside the US to finance the deal. BRC anticipated that this buying deal will be insignificantly dilutive to earnings per diluted share for the rest of the fiscal year concluding July 31, 2021.
Brady revealed that the deal will be executed during the fourth quarter of fiscal 2021. After the successful execution of the tender offer, if BRC has bought more than 90% of the unusual shares of Nordic ID, it intends to start the necessary retrieval deal as per the Finnish Companies Act to buy any remaining shares.
About Nordic ID
Since its inception in 1986, the firm has gained expertise in readers, scanners, and related software. Nordic ID has sophisticated technology and a corresponding product providing to Brady. Nordic will assist the firm in the boost of its end markets industrial settings.