Mitec Telecom Acquires COM DEV Assets

Mitec Telecom, headquartered in Montreal, acquired certain assets related to COM DEV International Ltd.’s Wireless RF Conditioning Components and Satellite Ground Station businesses on January 31, 2002. The purchase included shares of COM DEV’s Chinese subsidiary and assets in Cornwall and Dunstable, U.K. and Moncton, New Brunswick for approximately $21.3 million.

Concurrently with the COM DEV acquisition, Mitec completed a private placement of $21.3 million with a group of institutional and retail investors through a syndicate of underwriters led by CIBC World Markets Inc. and Research Capital Corporation, and including Desjardins Securities and Paradigm Capital Partners LLC. Under the financing, Mitec issued 5,072,070 units at a price of $4.20 per unit, with each unit consisting of one common share and one half of one common share purchase warrant.

Fraser Milner Casgrain LLP acted for Mitec on both the acquisition and the financing, with a team that included Charles Spector, Neil Katz, Joanie Schwartz and Élise Renaud in Montreal. Also advising Mitec were Bing Ho and Jun Ma of Baker & McKenzie in Beijing; Sam Clerk of Argles Stoneham Burstows in London; W. Andrew LeMesurier of Clark Drummie in St. John, New Brunswick; and Elena Araujo of Lex Caribbean in Barbados.

COM DEV was represented by Stikeman Elliott, with a team that included Samantha Horn and Lisa McDowell in Toronto, Anthony Penhale and Gayle Noble in Montreal, Clifford Louie in Hong Kong and Jeffrey Keey in London. COM DEV was also represented by Alex Cai of Beilin & Concord in Shanghai and Vere Brathwaite of Hampton Chambers in Barbados.

The syndicate of underwriters on Mitec’s private placement transaction was represented by McCarthy Tétrault LLP, with a team that included Jean-René Gauthier and Patrick Boucher (business) in Montreal.