Sunning Dale: Co. has acquired 2 firms Akciju Sabiedriba Atec (AS Atec) and Atec of Sweden AB (AOS) from Plasticscommerce (PCC). Deal involves the transfer and assignment of $455k loan made by PCC to AOS. Total cash consideration for the sale and transferred loan amts to $14m and both SUNN and PCC have agreed on a $400k ‘break fee’ to be payable by PCC should there be a breach of warranties or certain undertaking and covenants by PCC.
Acquisition aims to develop new customers and grow Co’s share of business in existing customers, and provides Co opportunity to nurture a business relationship with one of the largest home furnishing retailers in the world.
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