An affiliate of New York-based J.F. Lehman & Co. has closed its acquisition of API Technologies (Nasdaq: ATNY) for approximately $111 million.
Trading of API™s common stock on Nasdaq ceased Friday afternoon upon completion of the purchase and API shareholders will get a cash payment of $2 per share of common stock under the terms of the deal, API said Friday.
J.F. Lehman is a private equity firm that invests in companies in the defense, aerospace and maritime sectors.
API Technologies designs and produces radio frequency, millimeterwave, electromagnetic, microwave and security platforms, modules and related components designed for use by customers in the defense, commercial and industrial markets.
Jefferies and Lazard respectively served as financial advisers of API and J.F. Lehman in the transaction.
Their respective legal advisers for the deal were Wilson Sonsini Goodrich & Rosati and Blank Rome/Jones Day.
