Canada’s Carmanah to sell its M&O lighting business unit for $77 mln

Canadian renewable and energy-efficient technologies company Carmanah Technologies Corp. plans to divest its marine and obstruction (M&O) lighting business unit to U.S.-based infrastructure equipment company SPX Corp. for about $77 million deal.

Under the deal, SPX will acquire the stock of Carmanah’s Sabik subsidiaries located in Europe and Singapore as well as certain operating and intellectual property assets of Carmanah’s businesses in Canada and U.S.

SPX revealed that the move, which will provide significant value creation for its shareholders, will expand and strengthen its position in aids-to-navigation speciality lighting solutions by adding highly-engineered technology and products for the marine and obstruction lighting markets.

Subjected Carmanah’s shareholders approval and other customary closing conditions, the deal is expected to close during the first quarter of 2019. The acquired business booked annual revenue of about $27 million.