Varul — the Estonian branch of Tark Grunte Sutkiene — has advised Cybernetica on the sale of its navigation systems business unit, including EKTA branded products and contracts, to Carmanah Technologies Corporation. Raidla Ellex advised the buyers on the transaction, which is expected to close in December 2016 and remains subject to the satisfaction of certain closing conditions, including the approval of the Toronto Stock Exchange.
Cybernetica is an ICT company, established in 1960, that researches, develops and manufactures mission-critical systems, light signaling and telematics products, maritime surveillance and radio communications systems. Cybernetica has been an active counterpart in developing critical e-Government systems. Oliver Vaartnou, Chairman of the Board of Cybernetica, said the acquisition is an homage to the competence of the Estonian electronics sector, because Carmanah is a world-renowned company. According to Ulo Jaaksoo, Chairman of the Supervisory Board of Cybernetica, the acquisition enables creating synergies to strengthen the growth strategies of both companies.
Carmanah is a Canadian corporation, established in 1996, that has earned a global reputation for delivering durable, dependable, efficient, and cost-effective solutions. John Simmons, Carmanah CEO, said the acquisition will strengthen the worldwide product portfolio and allows to provide more comprehensive single-source solutions for marine customers. At the same time, he said, the assignment of Cybernetica’s sales contracts adds to overall market share and position as the dominant provider in Europe.
Management control of the new Estonian subsidiary will be effected by the management of Carmanah’s other marine business, Sabik Marine OY, located in Porvoo, Finland.
Varul's M&A team was led by Associate Partner Sander Karson.
The Raidla Ellex team was led by Partner Risto Vahimets and Lawyer Anna Trine Raudsepp.
