Key Technology has signed a definitive agreement to acquire Visys NV, a supplier of innovative digital sorters. Under the agreement, Visys will become a wholly-owned subsidiary of Key Technology. The transaction is scheduled to be completed February 28. Under the terms of the agreement, shareholders of privately-owned Visys will receive approximately $13M in cash, 600,000 shares of Key Technology Common stock, and 250,000 Key Technology warrants. The total value of the deal is approximately $21M. Visys had sales of approximately $12M in 2012. The transaction is expected to be accretive within the first twelve months.
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