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McMurdo purchase is finalized - Trade Only Today

McMurdo purchase is finalized

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The sale of the assets of U.K.-based emergency distress beacon manufacturer McMurdo was finalized Nov. 20, when the transfer from Digital Angel Corporation to Orolia was completed.

The purchase price was $9.6 million, as part of a cash-free/debt-free transaction, with no transfer of account payables and account receivables, the company said.

"We are delighted with the completion of the purchase of McMurdo by Orolia. We very much look forward to working closely with all of the Orolia businesses, especially Kannad, as we share very many similar technologies and expertise, which I am sure will benefit both of us in the future," said Jeremy Harrison, CEO of the newly created McMurdo Ltd., in a statement.

"This acquisition gives McMurdo the much needed springboard to continue our growth and ability to develop more exciting and innovative products for the global safety markets," he added.

The addition of McMurdo will complement Orolia's recent acquisition of French manufacturer Kannad, another distress beacon company.

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