Posted on: 06 December 2013 by Mark Howells
Following the announcement of a definitive agreement to acquire PGA Electronic (PGA) last month, Astronics Corporation (Astronics) has completed the purchase.
The agreement is claimed to be around $31.2 million with approximately $17.5 million of the purchase price paid in cash. The remaining balance was paid by the issuance of 264,168 shares of Astronics common stock with a market value at the time of closing of $13.7 million.
PGA designs and manufactures seat motion and lighting systems, primarily for business and first class aircraft seats, and is a European specialist of in-flight entertainment/communication systems, as well as cabin management systems for private VVIP aircraft.