India, April 21 -- Electro-Sensors, Inc. (ELSE), an industrial monitoring systems company, and steute Technologies GmbH & Co. KG., a portfolio firm of investment company Battery Ventures, announced on Tuesday that they have inked a deal pursuant to which steute will buy Electro-Sensors.
Electro-Sensors will receive $7.75 per share in cash, which represents a premium of around 75% to the closing price of ELSE on April 20.
The transaction is expected to be closed within 10 business days following satisfaction of customary closing conditions.
Post transaction, Electro-Sensors will become a wholly owned subsidiary of steute, and ELSE shares will no longer be traded on the Nasdaq.
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