Sirit and Federal Signal Corp. have announced a deal to merge. Settling the agreement is subject to fulfillment of the closing conditions, which include obtaining court approvals, as well as the approval of Sirit’s Shareholders.
The transaction, with a total equity valued at approximately $48 million, is by way of the court-approved plan of arrangement under the Business Corporation Act in Ontario. Federal Signal intends to finance the transaction through cash on hand and existing bank lines of credit.
A meeting will be held on or around Feb. 26 with Shareholders of Sirit to consider the agreement. If approved, Sirit will operate as part of Federal Signal’s Safety and Security Systems Group.