Audiovox Electronics Corp. (AEC) has completed its purchase of assets of Terk Technologies Corp. for $13.1 million plus debentures based on achieving future revenue targets.
Terk provides satellite radio receivers and digital antenna products and has an agreement in place to provide and develop existing and future car stereo aftermarket products for XM Satellite Radio.
"We believe this acquisition further solidifies our presence in the specialized satellite radio category and adds several new high-tech components to our product mix," said John Shalam, chairman, president and CEO of Audiovox Corp. “We hope (this) will be the first of several niche opportunities in the M&A arena that will enhance our technology offerings, our customer relationships and our financial results over the long term."
Patrick Lavelle, president and CEO of AEC, added “We are bringing over the entire (Terk) product development team and will look to support this group with additional personnel and resources to ensure Audiovox's leadership position in satellite radio product development."
