Sectra purchased 60,000 shares of Mamea, upping its ownership stake from 38% to 95%. The purchase price amounts to $3.9 million (U.S.), but also includes a supplemental purchase price tied to positive business development, Sectra said.
That price could reach a maximum of $6.4 million (U.S.), based on future sales of the mammography system, according to the Linkoping-based vendor. Sectra said it intends to pay for the acquisition with its own shares.
Mamea was formed in 1999 by researchers at the Royal Institute of Technology in Stockholm and Sectra. It currently has 32 employees, with no sales and an operating loss of $193,000 (U.S.) for the 2002/2003 financial year. The sellers are three of Mamea's founders, who will continue to work for the new Sectra subsidiary.
By AuntMinnie.com staff writers
April 30, 2004
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