Sky Light Holdings Ltd (3882.HK), a Hong Kong-listed digital imaging device and solutions provider, has announced that its wholly-owned subsidiary has completed the acquisition of 100% equity interests in US-based action camera manufacturing group iON Group
With the acquisition, Sky Light will focus on developing its own branded businesses and is set to create enormous synergies with the existing business. Total consideration of the acquisition amounted to approximately USD13.2 million
“The completion of this acquisition is a major milestone for Sky Light. On top of enhancing our capabilities in the value chain, it will also strengthen our business, provide us with more diversified portfolios of brands and products, as well as broaden our customer base and revenue streams,” Tang Wing Fong Terry, Chairman of Sky Light, said.
Tang added that the group believes, via the acquisition of iON Group, it can more effectively improve cost efficiency and is in the best interests of the company and the shareholders as a whole.
iON Group is a US-based action camera manufacturing group which boasts a diverse product portfolio, including among others, internet protocol cameras and smart wearable devices.
It also owns the brands and trademarks of iON, Air Pro, and SnapCam and abundant customer resources entailing electronics distributors and chain stores with nationwide presence in the US.
The total consideration of the acquisition amounted to approximately US$13,200,000 (equivalent to approximately HK$102,960,000), including approximately US$12,200,000 (equivalent to approximately HK$95,160,000) as required in an earlier agreement to support the restructuring of iON, and the non-cash portion of the Loan Facility of approximately US$1,000,000 (equivalent to approximately HK$7,800,000).
About Sky Light Holdings Limited
Sky Light Holdings Limited is a leading digital imaging device and solutions provider globally. It is principally engaged in developing and manufacturing home imaging products, virtual reality products, action cameras and other digital imaging products such as police cameras, car camcorders and digital camcorders for various uses.
With more than 10 years of experience in developing a diverse range of digital imaging products, the Group is dedicated to offering design-driven JDM and ODM solutions to its customers and is striving to become a brand-driven, one-stop, vertically integrated smart imaging devices and solutions provider. – BusinessNewsAsia.com