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Small firm acts on Codan acquisition
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Small firm acts on Codan acquisition

Kelly & Co has advised Codan on its acquisition of Canada's Daniels Electronics.

Kelly & Co. has advised Codan on its recent acquisition of the Canadian designer, manufacturer and supplier of land mobile radio communications solutions Daniels Electronics.

Codan will acquire all of the shares in Daniels Electronics for an upfront cost of C$25 million with up to another C$2 million payable over the next 18 months, subject to Daniels Electronics meeting certain earn-out targets.

Funding for the acquisition will consist of a mix of debt and equity. 

Kelly & Co. also advised Codan in relation to the related capital raising of up to $17.5 million by way of an institutional placement to raise up to $12.5 million and a subsequent share purchase plan to raise up to an additional $5 million.

The Kelly & Co M&A team was led by partner Jamie Restas with assistance from partner Kate McKeough and solicitor Cam Steele. Partner Luke Dale and solicitor Daniel Kiley assisted with the intellectual property aspects of the due diligence. 

Partners Restas and Nick Karagiannis led the institutional placement and associated share purchase plan.


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