MONTREAL—Mitec Telecom Inc. said it has closed a deal to buy part of Com Dev International Ltd.’s wireless division.
Mitec will pay cash, which it will raise through a $13.4 million private placement of shares, for Com Dev’s China, Canada and Great Britain facilities. Mitec will reduce the originally estimated $14.4 million price by $1.44 million by paying cash.
“It also eliminates uncertainties related to the block of shares that would have been issued to Com Dev,” said Mitec’s chief financial officer, Keith Findlay.
