BC’s Carmanah to Acquire New Zealand’s Vega Industries Limited

Victoria, British Columbia-headquartered Carmanah Technologies Corporation has announced that it has signed a share purchase agreement to acquire New Zealand’s Vega Industries Limited, which designs and manufactures marine navigation products. The purchase price is NZ$12 million (US$9 million) and is subject to certain adjustments and escrow holdbacks. Subject to the satisfaction of remaining customary conditions, the transaction is expected to close by August 1, 2017. Carmanah designs, develops, and distributes a portfolio of products focused on energy-optimized LED solutions for infrastructure, including for aviation, marine, traffic safety, and off-grid power.

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