Aspire Biopharma Holdings Inc. (NASDAQ:ASBP) said Monday it completed its $30 million acquisition of Dura Driver Control Systems, expanding the biopharmaceutical company into the automotive and mobility-control market.
The deal, first announced in June, gives Aspire 100% ownership of Dura Driver Control Systems, or DCS, which is now a wholly owned subsidiary. Aspire paid about $30 million in cash.
DCS is a tier-one automotive supplier focused on electronic driver controls and systems supporting vehicle electrification, safety, lightweighting and sustainability. Aspire said the acquisition is expected to add revenue, earnings and cash flow while diversifying its business.
The company also entered into a $22.5 million senior secured revolving credit facility in connection with the transaction. The company said it will use borrowings from the facility, along with cash on hand, to finance the acquisition.
"Closing the DCS acquisition is a cash-flow-positive milestone that structurally enhances Aspire's valuation," CEO and Board Chair Kraig Higginson said.
#aspire #company
The deal, first announced in June, gives Aspire 100% ownership of Dura Driver Control Systems, or DCS, which is now a wholly owned subsidiary. Aspire paid about $30 million in cash.
DCS is a tier-one automotive supplier focused on electronic driver controls and systems supporting vehicle electrification, safety, lightweighting and sustainability. Aspire said the acquisition is expected to add revenue, earnings and cash flow while diversifying its business.
The company also entered into a $22.5 million senior secured revolving credit facility in connection with the transaction. The company said it will use borrowings from the facility, along with cash on hand, to finance the acquisition.
"Closing the DCS acquisition is a cash-flow-positive milestone that structurally enhances Aspire's valuation," CEO and Board Chair Kraig Higginson said.
#aspire #company
3 months ago
