AVT enters merger agreement with Pelican Merger Holdings Israel
Advanced Vision Technology (AVT) has announced that it has entered into a merger agreement with Pelican Merger Holdings Israel, in accordance to which it will be acquired by Danaher Corporation’s Product Identification Platform. Pelican Merger Holdings Israel will acquire all of the outstanding shares of AVT for $15.30 per share..
AVT’s in-line inspection systems are used by packaging and label converters to improve product quality and efficiency of its operations. Many of the same customers are served by X-Rite and Esko, companies within Danaher’s Product Identification Platform. Combining AVT’s strong position in print inspection and quality control with X-Rite’s colour inspection capabilities, and Esko’s packaging workflow will enable all three companies to offer solutions that simplify management of complex packaging value chains for both packaging converters and CPG brand owners.
Jaron Lotan, AVT’s CEO, said: “This is an exciting next step in the development of AVT, both for our customers and for our associates. Being part of Danaher’s Product Identification Platform will strengthen our ability to continue to execute our existing strategy and will enable us to bring more innovative and connected solutions for the packaging and label value chain.”
AVT’s board of directors has unanimously approved the transaction and has unanimously recommended that AVT shareholders approve the transaction. The transaction is subject to customary conditions, including approval by AVT’s shareholders. The transaction is expected to be completed in the second quarter of 2017.