Bittium acquires ownership in Mega Electronics, MegaKoto

Bittium Technologies Ltd (HEX:BITTI), a subsidiary of Bittium Corp., has acquired ownership in Mega Electronics Ltd, specialized in healthcare technology, by purchasing 100 percent of the shares in Remega Ltd, the company said.

Mega Electronics Ltd is a fully owned subsidiary of Remega Ltd. Mega Electronics Ltd owns 28.2 percent of the shares in MegaKoto Ltd, a company specialized in healthcare services, and has signed binding share purchase agreements to acquire 100 percent of the shares in MegaKoto Ltd. The acquisition of the shares in MegaKoto Ltd will be completed as soon as possible.

Mega Electronics Ltd, founded in 1983, is a Finnish ISO13485 certified medical device manufacturing company. The company is specialized in biosignal measuring for cardiology, neurology, rehabilitation, occupational health and sports medicine. MegaKoto Ltd provides comprehensive arrhythmia monitoring services for its customers such as primary care centers, private clinics and hospitals.

The debt free cash purchase price of the share acquisition, including the purchase price of MegaKoto shares, is EUR 8.0 million, which will be adjusted based on the level of cash, debt and networking capital of the acquired companies as of completion of the acquisition.

Bittium specializes in the development of reliable, secure communications and connectivity solutions leveraging its 30years legacy of expertise in advanced radio communication technologies. Bittium provides innovative products and customized solutions based on its product platforms and R&D services complementing its communications and connectivity solutions. Bittium offers proven information security solutions for mobile devices and portable computers.