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BNN Technology Acquires Stake in Aerospace and Defence Firm Micronet Enertec Technologies
Wednesday 11 July 2018

11 July 2018 - UK-based technology and content provider BNN Technology PLC has acquired a 14.89% stake in New Jersey, US-based aerospace and defence company Micronet Enertec Technologies, Inc. (NASDAQ: MICT), the company said.
Following this acquisition, BNN and MICT have executed a letter of intent to enter into a series of strategic transactions.
Under the deal, BNN will seek to acquire, through a third-party cash tender offer at a price of at least USD 1.65, an additional approximately 35% stake in MICT, with a view to owning in aggregate at least 50.1% of the company's issued shares.
Both BNN and an unrelated third party, a leading platform as a service provider of transaction technology, shall be acquired by MICT in exchange for cash and the issuance of shares.
All of the shares of Micronet Tel Aviv currently held by MICT would be spun off to MICT shareholders that remain shareholders of MICT after the tender offer.
MICT will raise a minimum of between USD 26 -USD 36m from major global institutional investors.
As a result of the contemplated transactions, MICT would own BNN and the third party, and would have a valuation that offers shareholders in each entity an attractive opportunity for the future.
BNN is a UK registered technology, content and services company with a focus on the Chinese market, and MICT is a developer, manufacturer and provider of mobile computing platforms for the mobile logistics management market in the US, Europe and Israel.
Details
Date Published: 11/07/2018
Target: Micronet Enertec Technologies/14.89% stake
Country: USA
Sector: Aerospace/Defence
Type: Stakebuilding
Financing: Cash
Status: Closed
Vendor:
Buyer: BNN Technology
Comment:
Under the deal, BNN will seek to acquire, through a third-party cash tender offer at a price of at leastĀ USD 1.65, an additional approximately 35% stake in MICT, with a view to owning in aggregate at least 50.1% of the company´s issued shares.

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