Bel fuse inc. (nasdaqgs:belf.b) completed the acquisition of majority stake in power business of international electronic devices, inc.

Bel fuse inc. (nasdaqgs:belf.b) entered into an asset purchase agreement to acquire majority stake in power business from international electronic devices, inc. for $32 million on november 8, 2019. the consideration is subject to closing working capital adjustments. under the terms of the agreement, consideration includes assumption of certain liabilities and subject to closing working adjustments. the agreement excludes cui global's approximate 20% equity interest in virtual power systems (vps) related to the intelligent control of energy® (ice) product line for data centers based on vps' proprietary software defined power® (sdp) infrastructure. the transaction will be funded with available cash on hand, some or all of which may be sourced from revolving credit facility. the power business had sales of approximately $37 million. the transaction is expected to close in the fourth quarter of 2019. the international electronic devices expects to utilize the proceeds from the sale to implement its strategy to build an infrastructure services company and for general corporate purposes. riley fbr, inc. acted as financial advisor to cui global, inc. b. riley fbr, inc. acted as financial advisor to international electronic and rhk capital, llc acted as financial advisor to bel fuse. bel fuse inc. (nasdaqgs:belf.b) completed the acquisition of majority stake in power business of international electronic devices, inc. on december 3, 2019.
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