Crane NXT – the parent company of currency and payments technology form CPI – says it has signed definitive agreements to acquire a significant stake in Italian inspection and detection systems firm Antares Vision S.p.A. with the intention of taking the company private.
Antares Vision is described a global leader in the design, manufacture, installation and maintenance of inspection and detection systems that ensure product safety and quality control. It also provides track and trace software solutions that help prevent counterfeiting and provides visibility of products throughout the supply chain.
According to Crane NXT, the transaction will advance its strategy and expand its portfolio in growing end markets, including Life Sciences and Food & Beverage.
Under the terms of the agreements, Crane NXT will acquire a 30% stake in Antares Vision at a price of €5.00 (US$5.86) per share for a total consideration of approximately €120 million (US$141 million).
After closing on the acquisition of the 30% stake and pursuant to applicable Italian takeover rules, Crane NXT will launch a mandatory tender offer in Italy for the remaining publicly traded shares of Antares Vision at the same price of €5.00 per share.
Total enterprise value for 100% of the equity capital and current net debt of Antares Vision is approximately €445 million (US$522 million), the company explained. Upon completion of the mandatory tender offer, Crane NXT will implement steps aimed at delisting Antares Vision, which will become a subsidiary of Crane NXT.
“The acquisition of Antares Vision is an excellent strategic fit to Crane NXT, reinforcing our commitment to provide trusted technology solutions that secure, detect and authenticate our customers’ most valuable assets,” said Crane NXT’s President and CEO, Aaron W. Saak.
“As regulatory demands increase and counterfeiting continues to grow, there is a heightened need for sophisticated inspection and detection equipment and track and trace software to ensure products are authentic. This acquisition broadens our technology portfolio and positions Crane NXT well in end markets aligned to secular tailwinds.”
According to Crane NXT, Antares Vision generated around €200 million (US$235 million) in revenue in FY24 with an adjusted EBITDA margin of approximately 15%.
