Analogic has successfully completed its acquisition of Copley Controls, a supplier of gradient amplifiers for MRI and precision motion control systems, for $76.88 million in cash, which represented the agreed purchase price of $68.75 million plus an adjustment of $8.13 million.
Under the terms of the agreement, announced March 6, Analogic said that Copley of Canton, Mass., is now a wholly owned subsidiary.
The adjustment resulted from Copley’s estimated working capital as of the closing date, which included $5 million of cash, exceeding the working capital of $16.2 million as required under the terms of the agreement, according to the Peabody, Mass.-based company.
In addition to its Massachusetts headquarters, Copley has offices and local technical support in the United States, Europe and Asia, with approximately 250 employees.
“The addition of Copley, with its leading-edge technology in high-field gradient amplifiers and its solid customer base, will enable Analogic to expand its product offerings to its OEM customers, open up new opportunities in Asia, and enhance its position as a leading provider of medical subsystems for MRI scanners,” said Jim Green, Analogic’s president and CEO.