JINGO ELECTRONICS AND SUTHERTECH COMPUTER INDUSTRIES ANNOUNCE DEFINITIVE MERGER AGREEMENT
JINGO Computers and Suthertech Computer Industries, Inc. announced today that they have signed a definitive merger agreement. The strategic combination will have approximately $5 billion in annual revenues, 5,900 employees, 23 facilities worldwide, a leading global position in computer manufacturing.
The merger transaction, expected to close in the second quarter of this year, is subject to stockholders’ approval under the Hart Scott Rodino Act, refinancing of indebtedness and other customary closing conditions. Under the terms of the merger agreement, which was unanimously approved by the Boards of Directors of both companies, Suthertech stockholders will receive 0.685 JINGO shares in exchange for each of their Suthertech shares. Upon the completion of the transaction, JINGO stockholders will own approximately 51 percent and Suthertech stockholders approximately 49 percent of the merged entity