AVX Corporation (NYSE:AVX) entered into definitive agreement to acquire Ethertronics Inc. for $150 million on December 29, 2017. As per the terms of agreement, AVX Corporation will pay cash consideration of approximately $140 million and assume net debt of $8 million subject to customary post-closing adjustments based on the actual amount of working capital and net debt of Ethertronics as of the closing date. In connection with the closing, escrow agreement has been signed, pursuant to which a portion of the purchase price will be placed into escrow. The escrowed funds may be used to cover certain post-closing adjustments to the purchase price, costs of the stockholder’s representative and indemnification claims. Post-acquisition, Ethertronics will be a wholly owned subsidiary of AVX Corporation and will be renamed as AVX Antenna, Inc. In the financial year ended December 31, 2017, Ethertronics generated approximately $90 million of revenue. The transaction is subject to various customary conditions including, Ethertronics stockholder approvals, all necessary anti-trust filings and approvals, regulatory approvals and delivery of executed restrictive covenant agreements by certain directors and officers of Ethertronics. The Board of Directors of Ethertronics and AVX unanimously approved the transaction. The transaction can be terminated by either party if not consummated on or prior to March 31, 2018. As of January 25, 2018, the transaction is expected to close at the end of January 2018. DBO Partners acted as financial advisor, John Tolpa of Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP acted as the legal advisor to Ethertronics, and Fortis Advisors LLC acted as Stockholder Representative of Ethertronics. Coburn R. Beck of Troutman Sanders LLP acted as the legal advisor to AVX Corporation.