Cirtek Holdings Philippines Corp. said it will acquire a 100-percent stake in Quintel, a leading provider of advanced high-efficiency, high-performance antenna solution headquartered in New York, USA.
Cirtek said in a statement over the weekend the deal, expected to close on July 31, would give the company a significant presence in the large and rapidly growing base station antenna market, estimated at more than $14 billion by 2020.
“Quintel’s cutting edge R&D and product capabilities significantly add to and complement Cirtek’s growing portfolio in wireless communication, and is aligned with our business focus on high-growth market segments,” Cirtek president Jerry Liu said.
The acquisition will be funded through debt financing.
Quintel is a leading innovator of spectrum and space-efficient base station antennas for wireless networks. It designs, develops and delivers advanced high-efficiency, high-performance antenna solutions that help mobile operators to increase efficiency, enhance quality-of-service, slash costs and accelerate return on investments.
Among Quintel’s major customers are two of the top 5 telecom carriers in North America.
It recently expanded its industry-leading MultiServ Slimline Antennas portfolio. In addition to the 12-Port Multiband Antenna, Quintel now has 10 Port antennas, both of which come in 4, 6 and 8 foot lengths.
Cirtek president Juanchito Dispo said the acquisition would enable the company to achieve significant synergies through value engineering, research and development collaboration as well as cost reduction, resulting in high-quality, reliable and cost-competitive products.
The deal was signed between Cirtek and Trillium International Funds which were the shareholders of Quintel since 2007
“We are pleased that Quintel has achieved another milestone, becoming a major component of a large technology company with world-wide scope. Quintel has built a major business in North America, and through work with the Cirtek team will provide increasing innovation and valuable products world-wide, while making a positive impact on the regional economies in Rochester New York and San Jose California,” said Jose Coronas and Jim Stoffel, general partners of Trillium International.
Share price of Cirtek rose 1.3 percent Friday to close at P32.