Westell Technologies Announces Agreement to Sell Its Conference Plus Subsidiary to Arkadin for $41M
Westell Technologies, Inc. (NASDAQ: WSTL) today announced that it has entered into a definitive agreement to sell its subsidiary Conference Plus, Inc. to a subsidiary of Arkadin S.A.S. for approximately $41 million in cash, subject to certain adjustments. For the 12 months ended September 30, 2011, Conference Plus had revenues of $43.1 million and operating income of $5.1 million.
The transaction is subject to limited closing conditions and is expected to close December 31, 2011. Westell anticipates recognizing a gain on the transaction of approximately $20 million after taxes.
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