Medical flat-panel display supplier Planar Systems has completed its acquisition of fellow display provider Dome Imaging Systems of Waltham, MA.
The deal was valued at $61 million, including a purchase price of $49 million in cash, $3 million in new Planar shares issued to certain Dome stockholders, and about $9 million in the value of existing Dome stock options assumed by Planar.
Beaverton, OR-based Planar doesn't plan on making major changes in staffing levels at Dome. "Product development and software expertise in Waltham will be leveraged in other projects underway in Planar," said Balaji Krishnamurthy, Planar's president and CEO.
Research and development work valued at $2.3 million, which Dome had in process at the time of the transaction, will be recorded as a one-time charge in Planar's third quarter of fiscal 2002. Intangible assets associated with the transaction will be amortized at a rate of $2.8 million per year over the first two years, declining in following years until they are fully amortized.
By AuntMinnie.com staff writersApril 26, 2002
Related Reading
Planar bids to acquire Dome, March 19, 2002
Integration, security star in PACS exhibits, November 25, 2001
Dome unveils five-megapixel flat-panel display, November 30, 2000
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