The acquisition is said to immediately provide OPT with an established, innovative offshore product line that features roaming capability and highly complements the company’s business strategy.
The deal saw $11 million paid at closing, consisting of $4 million in cash and $7 million in OPT common stock (3,330,162 shares).
The Marine Advanced Robotics’ management team and employees have joined OPT, but the company will continue to operate under its current brand name as a wholly owned subsidiary of OPT.
