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M&A: consolidation in China security market
China Security & Surveillance Technology, Inc which is listed on Dubai's NASDAQ says that it has signed letters of intent to purchase 100% ownership of Zhejiang Loyal Co., Ltd. ("Zhejiang Loyal") and Anhui Guangcheng Technology Co., Ltd. ("Anhui Guangcheng").
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CSST will pay RMB110 million (approximately US$16.1 million based on an exchange rate of USD 1.00 to RMB 6.83) and RMB20 million (approximately US$2.9 million) respectively, in each case to be paid partially in cash and partially in restricted common stock of CSST over the next three years.
The deal is subject to shareholder and regulatory approval.
Established in 2005, Zhejiang Loyal is engaged primarily in the design and installation of fire safety auto-alarm networking systems. It also provides professional fire monitoring and management services to its networked customers.
Established in 2003, Anhui Guangcheng is aiming to become a leading intelligent transportation security system and service provider.
CSST is based in Shenzen, China from where it manufactures, distributes, installs and services security and surveillance products and systems as well as develops security and surveillance related software.
Source: CSST
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