Hod Hasharon-based Advanced Vision Technology, which develops automatic print inspection systems, said on Monday it has agreed to be acquired by Danaher Corp. for $100 million. Based in the District of Columbia, Danaher, a manufacturing company with annual sales of $17 billion, will pay 14.50 euros per share ($15.35) in cash for AVT, whose optical inspection systems replace the human eye in inspecting packaging and labels. Many of its customers are served by X-Rite and Esko, companies within Danaher’s platform. The transaction is expected to be completed in the second quarter of 2017.
- Israel's Treasury Warns of Slowdown in Hi-tech Industry
- Growth of Chinese Startup Investment Likely to Slow This Year
The sale has received the approval of AVT’s board, but still requires the approval of shareholders. Since businessman George Horesh, who is the company’s largest shareholder, owns a 51% stake in the company, it is expected that this will not be a hurdle in consummating the sale. Horesh owns Union Motors, the Israeli importer for Toyota. Last year his net worth was estimated at around a billion dollars.
AVT has yet to publish its annual financial results for last year. For the first nine months of 2016, it had revenues of 37.5 million euros, up 8% compared to the same period in 2015, and a 2.1 million euro net profit.
Danaher is trading on the New York Stock Exchange at a market capitalization of around $60 billion. AVT trades on the Frankfurt exchange.