Codan Limited Acquires Daniels Electronics

Codan Limited Acquires Daniels Electronics PR Newswire NEWTON, South Australia, Aug. 8, 2012 NEWTON, South Australia, Aug. 8, 2012 /PRNewswire/ -- Codan Limited (ASX: "CDA") has announced the acquisition of Daniels Electronics Limited (Daniels), a leading designer, manufacturer and supplier of land mobile radio communications (LMR) solutions in North America. The acquisition, which is scheduled for completion on 17 August 2012, comprises an upfront cash payment of CAD$25 million (approx. AUD$24 million) with the possibility of approximately CAD$2.0 million (A$1.9 million) in additional payments if certain earn-out targets are achieved over the next 18 months. The funding for the transaction, also announced today, will be through a mix of debt and equity. The acquisition of Daniels delivers on Codan's stated strategy of growing market share and diversifying its radio communications product offering. Codan Limited designs, manufactures and markets a diversified range of high value added electronic products, with three key business divisions; radio communications, metal detection and mining technology. "The acquisition of Daniels begins a transition for Codan beyond solely HF systems to a communications solutions provider. Daniels provided the opportunity to enter the LMR market with a competitive and established product line," said Kevin Kane, president and general manager, Codan Radio Communications Division.