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Cirtek acquires US-base antenna firm for $77M

CIRTEK Holdings Philippines Corporation logo © Provided by Mediamerge Corporation CIRTEK Holdings Philippines Corporation logo

Listed electronics manufacturer Cirtek Holdings Philippines Corp. (CHPC) has signed a $77-million agreement to acquire US-based antenna solutions provider Quintel.

"Upon closing, the transaction will immediately give CHPC a significant presence in the large and rapidly growing base station antenna market, estimated to be more than $14 billion by 2020," the company said in a regulatory filing on Monday.

Scheduled to close on July 31, the transaction will be finance with debt.

Quintel is an innovator in spectrum and space-efficient base station antennas for wireless networks, which counts as customers two of the top five North American telecom carriers, according to CHPC.

"Quintel's cutting edge R&D (research and development) and product capabilities significantly add to and complement Cirtek's growing portfolio in wireless communication, and is aligned with our business focus on high-growth market segments," CHPC chairman Jerry Liu said.

"Further, being the strategic manufacturing partner of Quintel products places us in a unique situation to achieve significant synergies through value engineering, research and development collaboration as well as cost reduction, resulting in high-quality, reliable and cost-competitive products," CHPC vice chairman and president Roberto Juanchito Dispo said. — Jon Viktor Cabuenas/VDS, GMA News

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