MONTREAL (CP) — Mitec Telecom is buying California-based Keragis Corp., which makes amplifier solutions for commercial and military communications and radar systems.
Terms of the cash-and-stock deal were not disclosed Wednesday in a news release.
However, Mitec said in a statement that Keragis's products will allow the Montreal-based company to expand its customer base to include the lucrative U.S. military arena, where the American company has an ''excellent'' reputation.
''Keragis's innovative amplifier solutions, combined with Mitec's manufacturing and product development capability, throw the door wide open for a whole new series of technology-leading products in industries with huge business potential,'' Mitec CEO Dan Piergentili said in a release.
The deal, expected to close by month's end, still is subject to regulatory approval.
Shares in Mitec Telecom, which designs and provides radio frequency products for the telecommunications and satellite communications industries, was down a nickel on Wednesday, trading at 15½ cents in the early afternoon on the Toronto Stock Exchange.