Codan Communications entered into an agreement to acquire Zetron, Inc. from JVCKENWOOD Corporation (TSE:6632) for $45 million on March 31, 2021. The acquisition is on a cash free, debt free basis. Codan will merge its Critical Communications and Zetron businesses to create a single mission critical communications company trading under the stronger Zetron brand. The transaction will be funded through a combination of existing cash and a recently approved banking facility of AUD100 million ($76.1 million). The transaction is subject to obtaining change of control consents and other conditions precedent standard for transactions of this nature. The transaction is subject to final approval by the respective boards of Codan and JVCKENWOOD. The transaction is expected to be completed by end of April 30, 2021. Zetron is expected to contribute approximately AUD 67 million ($50.9 million) of sales and AUD 8 million ($6.1 million) in EBITDA under Codan’s ownership in financial year 2022 and therefore it will be earnings-per-share accretive. Robert L. Meyers and Christopher Hale of Sidley Austin LLP acted as legal advisor to Codan. Sangyo Sosei Advisory Inc. acted as financial advisor to JVCKENWOOD Corporation (TSE:6632) in the transaction.