NUR Macroprinters Ltd. (Lod, Israel), has announced that it has signed an agreement with HP (Palo Alto, CA), under which HP will acquire all the assets of NUR for $117.5 million in cash on a cash-free and debt-free basis.
Fourteen and a half million of the money will be held in an indemnity escrow account ($9.5 million for 18 months and $5 million for 24 months). NUR will retain $5.5 million in cash and will use approximately $20.8 million of the proceeds to repay NUR's loans to lender banks. NUR has also retained several additional liabilities and is evaluating the tax consequences of the transaction.
NUR develops, manufactures and markets wide-format inkjet production printers and high-quality companion inks for a wide variety of business enterprises including commercial printing companies, sign printers, screen printers, billboard and media companies, photo labs and digital printing service providers
“We are confident that this acquisition will result in an even better combined product portfolio,” says NUR’s President and CEO, David Reis.
Closing of the transaction is subject to certain regulatory approvals and other customary closing conditions. The transaction is intended to be completed as soon as all required approvals have been obtained.