Robert Bosch GmbH has closed its $93 million deal to acquire Burnaby-based Extreme CCTV Inc. (TSX:EXC).
The acquisition by the Stuttgart, Germany-based equipment manufacturer is aimed at strengthening Bosch's U.K., U.S. and Canadian surveillance camera equipment market share.
Extreme CCTV expanded its business in the U.K. last year with a $10.7 million acquisition of U.K.-based Forward Vision CCTV Ltd.,. The deal expanded its European market, which now represents more than 60% of the company's revenue.
The company reported annual revenue of $42.6 million, a 57.4% increase over its 2006 revenue of $27 million. Net income rose to $2.4 million from $1.8 million in 2006.
Extreme CCTV, which employs 74 people in B.C. and more than 140 worldwide, will become a subsidiary of Bosch Security Systems, which employs 10,300 people at 45 locations worldwide.
Extreme CCTV shareholders received $5 per share in cash for the company. That represented a 30% premium over the company's 30-day average closing price back in December.
Extreme CCTV's share price range during the past week: between $4.96 and $4.98; 52-week high: $5; 52-week low: $2.75.