The acquisition is subject to customary conditions, including federal regulatory clearance.
Under the merger, Digi has agreed to acquire Opengear for upfront cash of approximately $140 million, with a potential for contingent consideration of up to an additional $15 million, based on revenue performance through 2020.
Digi, founded in 1985, is headquartered in Hopkins, MN, and is a leading worldwide provider of Internet of Things connectivity products, software and services. According to its website, Digi has over 35,000 customers across the globe and more than 500 employees worldwide across 15 offices.
Headquartered in New Jersey and founded in 2004, Opengear delivers critical information-technology (IT) infrastructure to a broad range of Fortune 100 and other customers. According to its website, the company provides the automation, network resilience and security necessary, to efficiently manage and protect critical IT, communications, network and power infrastructure, and further ensure business continuity.
The FaegreBD team working on behalf of Digi regarding the merger project includes: Mike Stanchfield, partner; Eli Isaacs, associate; Kareem Tawfic, associate; Rhiannon Beckendorf, associate; Allison Schten, associate; Emily Chow, partner; Mark Rosenfeld, associate; Dan Prokott, partner; Lisa Push, partner; Kiara Covarrubias, associate; Nicole Leimer, partner; and Tess Williams, partner.