AM finishes $6.9 M SRS-EDJ acquisition
AM Communications Inc. completed the acquisition of SRS Communications and EDJ Communications for $6.9 million in cash and stock. The company said last month it would hire several hundred people in the next few months to fill expected orders.
The deal, via AM subsidiary AM Broadband Services Inc., calls for AM to acquire all of SRS-EDJ's outstanding stock for about $6.9 million in cash, promissory notes and 9 million shares of AM Communications common stock.
A spokeswoman last month said the purchase would allow AM to expand in the service market, specifically into the home. She also said executives would be retained, and the company plans to hire several hundred people in the next few months to fill expected orders.
Quakertown, Pa.-based AM's broadband unit supplies telecom design, infrastructure development, and system activation and certification, and other telecom services. West Hartford, Conn.-based SRS-EDJ provides last-mile fulfillment services to cable TV and telecom. It also employs more than 250 technicians who specialize in residential premise analog and digital cable installations, cable modem installation, telephony-over-cable and specialty wiring services, AM said last month.
SRS-EDJ includes the top five cable operators in its customer base, and showed 2000 revenue of $10.7 million.
A spokeswoman did not return calls by CEDaily's deadline.