Carmanah closes purchase of Vega Industries Limited
Early in August it was announced from Victoria BC, Canada, that Carmanah Technologies Corporation had closed its previously announced transaction to acquire New Zealand-based Vega Industries Limited. The purchase price is NZD $12.0 million (USD $9.0 million) subject to certain adjustments and escrow holdbacks, it is understood.
This acquisition brings together Sabik Marine, Carmanah, Ekta, and Vega to create a global leader in the marine aids to navigation market. Integration plans, with a specific focus on providing marine aids to navigation customers comprehensive single-source solutions, are expected to be implemented over the coming months.