Uster Technologies AG, a Switzerland-based manufacturer of instruments for the textile industry, acquired Israel-based Elbit Vision Systems Ltd. (EVS) for $32 million.
EVS is a high-technology supplier for automated vision inspection in the textile industry listed on the US Over-the-Counter Bulletin Board (OTCQB) with corporate domicile in Israel.
EVS’ products are used to automatically locate, label and trace defects of fabric and web products, and ultimately to grade the quality and determine the value of the produced goods. Uster intends to acquire EVS by way of reverse triangular merger. Subject to closing of the acquisition, EVS will become a wholly-owned subsidiary of Uster.
Homburger advises Uster as global counsel on all legal matters of the transaction with the support of local US and Israeli counsel. The Homburger team is led by partner Frank Gerhard (picture) and includes associates Mario Wälti and Joy Malka (all Corporate | M&A) as well as associates Richard Stäuber and Allegra Schär (both Competition | Regulatory).
Law Firms: Homburger;
Clients: Uster Technologies Ltd.;