Lumenpulse (TSX:LMP, Stock Forum) expanded its addressable market when it announced today that the company had completed its acquisition of UK-based LED manufacturer, Projection Lighting.
According to the news release, the transaction for the privately held company, based out of Manchester, UK, came at a price of $30.4 million which was paid in cash.
As a result of the acquisition, approximately 50 new employees will join Lumenpulse and as part of their renumeration package, certain key employees will be granted restricted stock units with an aggregate value of an estimated $1.8 million.
Lumenpulse was in the news recently when the company released Q4 and year-end 2014 financial results almost two weeks ago.
Currently there are 23.2m outstanding shares with a market cap of $531.1 million.