LAGUNA-based Cirtek Holdings Philippines Corp. said it bought high-tech antenna maker Quintel Cayman Ltd. in a deal valued at $77 million.
The company added it signed an agreement with Trillium International I, the shareholder representative of Quintel.
Upon closing of the deal, set to be completed today, July 31, the transaction will immediately give Cirtek a significant presence in the large and growing base-station antenna market, estimated to be worth more than $14 billion by 2020.
Trillium International Funds have been shareholders in Quintel since 2007, the company said.
The board of directors of the two firms approved the agreement, with Cirtek intending to fund the transaction through debt financing.
Quintel is a leading maker of spectrum and space-efficient base-station antennas for wireless networks. Among its major customers include two of the top 5 telecom carriers in North America.
“Quintel’s cutting-edge research and developmentand product capabilities significantly add to and complement Cirtek’s growing portfolio in wireless communication and is aligned with our business focus on high-growth market segments,” Cirtek Chairman Jerry Liu was quoted in a statement as saying.
“Quintel has built a major business in North America and, through work with the Cirtek team, will provide increasing innovation and valuable products worldwide while making a positive impact on the regional economies in Rochester, New York, and San Jose, California,” said Jose Coronas and Jim Stoffel, general partners of Trillium International.
Credit Suisse is the financial advisor to Cirtek, and Livnah Associates is its as legal advisor. Stifel is serving as exclusive financial advisor to Trillium International Funds, and Nixon Peabody as legal advisor.