Advising Cybernetica on selling navigation systems business unit to a Canadian corporation

29.11.2016 Advising Cybernetica on selling navigation systems business unit to a Canadian corporation

The firm’s M&A team led by associate partner Sander Kärson advised Cybernetica in selling its navigation systems business unit, including EKTA branded products and contracts, to Carmanah Technologies Corporation.

Oliver Väärtnõu, chairman of the board of Cybernetica, says the acquisition is an homage to the competence of the Estonian electronics sector, because Carmanah is a world-renowned company. According to Ülo Jaaksoo, chairman of the supervisory board of Cybernetica, the acquisition enables creating synergies to strengthen the growth strategies of both companies.

John Simmons, Carmanah CEO, says the acquisition will strengthen the worldwide product portfolio and allows to provide more comprehensive single-source solutions for marine customers. At the same time, the assignment of Cybernetica’s sales contracts adds to overall market share and position as the dominant provider in Europe.

Management control of the new Estonian subsidiary will be effected by the management of Carmanah’s other marine business, Sabik Marine OY, located in Porvoo, Finland.

The transaction is expected to close in December 2016 and is subject to the satisfaction of certain closing conditions, including the receipt of all necessary approvals from the Toronto Stock Exchange.

Carmanah is a Canadian corporation, established in 1996, that has earned a global reputation for delivering durable, dependable, efficient, and cost-effective solutions.

Cybernetica is an ICT company, established in 1960, that researches, develops and manufactures mission-critical systems, light signalling and telematics products, maritime surveillance and radio communications systems. Cybernetica has been an active counterpart in developing critical e-Government systems.

www.cyber.ee/en

On the same topic (in Estonian)

Postimees: Canadian corporation acquired Cybernetica's navigation business