Notable Consumer Electronics M&A Transactions
June 7, 2018: Good Sportsman Marketing, a designer and distributor of hearing amplification and protection devices, raised EUR 60 million of venture funding in a deal led by Shell Ventures. Other undisclosed investors also participated in the round. The funds will be used accelerate growth in markets such as the United States and Australia.
June 5, 2018: Toshiba (personal computer business), a manufacturer and seller of personal computers, including central processing unit, monitor, keyboard, computer data storage, graphic card, sound card and motherboard, was acquired by Internet of Things (TSX: ITT) (OTC: INOTF) (FSE: 71T) for $2.53 million or 0.03x revenue. Internet of Things intends to acquire 100% of the issued and outstanding shares of WTX for $2.53 million on the following terms: (i) $230,000 in cash payable at closing; (ii) $300,000 in cash payable on the 6th month anniversary post-closing; and (iii) $2,000,000 in IoT treasury shares priced on a 5-day VWAP over the next five days, with 50% of the shares to be released over three years on the 12th month, 24th month and 36th month anniversaries post-closing and the 50% balance to be released on achieving $8.2 million minimum net sales target over 36 months with pro rata releases every six months.
June 1, 2018: PeerBridge Health, a developer of a wearable vital sign monitoring technology designed to connect patients and consumers to leading wellness professionals, filed to go public on March 15, 2018. The company intends to sell 19,800,000 shares at a price range of TRY 9.50 to TRY 11.40 per share. At midpoint, the expected offering amount is TRY 206.91 million. Subsequently the offering was postponed on May 13, 2018.
May 31, 2018: Nokia Health, a developer of digital health and wellness smart devices include fitness watch, enabling users to measure their heart rate, filed to go public on the Hong Kong stock exchange on May 15, 2018. The expected offering amount is $2 billion.
May 16, 2018: Beam Dental, a provider dental insurance and smartphone-connected toothbrushes that collect data about a user’s daily hygiene and use it to determine the rate of insurance plans, closed on $1.475 million of convertible debt financing from undisclosed investors on June 1, 2018.
May 15, 2018: Vesper Technologies, a developer of piezoelectric microphones designed to improve the reliability of the voice user interface for smartphones, smart speakers, and connected automobiles, received an undisclosed amount of development capital from Caledonia Investments on May 29, 2018 through a private placement.
May 15, 2018: Cujo AI, a smart home security device applies machine-learning security to protect homes against home hacking, enabling consumers to fortify software and hardware, was acquired by Sentinel Capital Partners through an LBO on June 7, 2018, for an undisclosed sum.