Crane NXT Co, a maker of industrial-technology products including ones for the gaming sector, says it has clinched acquisition from Regolo SpA of an approximately 32-percent stake in Antares Vision SpA.
The step was described as the first phase of Crane NXT’s overall acquisition of Antares Vision, according to a Tuesday press release.
Italy-based Antares Vision, listed on the Euronext Star Milan segment, is described as a firm specialising in technologies for quality control, traceability, and integrated data management.
Under the terms of the agreement, Crane NXT purchased the initial stake in Antares Vision at a price of EUR5.00 (US$5.86) per share for a total consideration of approximately EUR117 million.
“The closing follows receipt of all required regulatory approvals,” stated Crane NXT.
After clinching that initial acquisition, Crane NXT will launch a mandatory tender offer in Italy – also at EUR5.00 per share – for the remaining publicly-traded shares of Antares Vision.
Crane NXT has two main businesses: the security and authentication technologies segment, and the Crane Payment Innovations business.
Aaron Saak, Crane NXT’s president and chief executive, said in prepared remarks: “We are excited to complete our initial investment in Antares Vision, marking a significant step forward in advancing our strategy and expanding our portfolio”.
He added: “We look forward to continuing our partnership with Antares Vision as we move toward the next phase of this transaction.”
Following completion of the mandatory tender offer, Crane NXT said it will acquire the remaining stake owned by Regolo and undertake to delist Antares Vision, in compliance with Italian takeover rules.
That second part of the deal is due to be completed within 2026, the firm stated.
Crane NXT reported operating profit of US$81.9 million for the three months to September 30, on net sales that rose 10.3 percent year-on-year, to US$445.1 million.
