By Lisa Kerner
Charlotte, N.C., Dec. 10 - Hewlett-Packard Co. agreed to acquire "substantially all" of NUR Macroprinters Ltd.'s assets for $117.5 million in cash.
Under the terms of the companies' agreement, Hewlett-Packard will hold $14.5 million of the $117.5 million in an indemnity escrow account. Of that amount, $9.5 million will be held for 18 months and $5 million for 24 months.
NUR will retain $5.5 million in cash and use some $20.8 million to repay its bank loans, according to a company news release.
The transaction will close upon receipt of regulatory approvals and other customary closing conditions.
NUR has 72.7 million shares issued as well as 54.4 million outstanding warrants and options convertible into shares that, if fully exercised, will add about $24.5 million in cash to the company.
Fortissimo Capital acquired control of NUR two years ago and restructured the company's debt and implemented a new growth strategy.
"We are confident that this acquisition will result in an even better combined product portfolio, and will provide continued first class support and service to NUR's customer base," NUR president and chief executive officer David Reis said in the release.
NUR, based in Lod, Israel, develops and manufactures wide-format inkjet printers for the printing industry.
Hewlett-Packard is a Palo Alto, Calif., computer, printing and imaging technology company.
| Acquirer: | Hewlett-Packard Co.
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| Target: | NUR Macroprinters Ltd.
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| Announcement date: | Dec. 10
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| Transaction total: | $117.5 million
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| Expected closing: | Upon approvals
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