Midwich, a specialist audio visual ("AV") distributor to the trade market with operations across the UK and Ireland, Continental Europe, North America and Asia-Pacific, is pleased to announce it has entered into a binding agreement to acquire a controlling stake in Nicolas M. Kyvernitis Electronics Ent., NMK Middle East FZE and Edge Electronics Trading LLC ("Edge") (collectively "the NMK Group" or "NMK"). Based in the UAE and Qatar, the NMK Group is a value-added distributor of AV products and represents Midwich's entry into the Middle Eastern market.
As part of the agreement, Midwich will acquire 80% of the voting rights of each of the NMK Group companies. The purchase price comprises an initial cash consideration of AED 49.8 million (approximately £10.0 million) followed by an additional AED 21.0 million in cash (approximately £4.2 million) six months later. Completion, which is subject to local regulatory approval(s) as required by foreign investment laws in the region, is expected in early 2021.