M&A: Knowles Corp
Form Type: 8-K
Filing Date: 2024-12-30
Corporate Action: Acquisition
Type: New
Accession Number: 000158752324000102
Comments: On December 27, 2024, Knowles Corporation completed the sale of certain assets and liabilities of its consumer MEMS microphones business to Syntiant Corp. This transaction included the transfer of employees and was executed under a Purchase Agreement dated September 18, 2024. At closing, Knowles received $70 million in cash and $80 million in Series D-2 preferred stock. Knowles also provided $6.4 million in financing to ensure Syntiant had $40 million in cash on hand. There are additional agreements related to this transaction including various commercial agreements and a transition services agreement. Knowles retains board representation rights in Syntiant as long as it holds a specified number of shares of the preferred stock. A press release regarding this transaction was issued on December 30, 2024, announcing its completion.
Document Link: View Document
Additional details:
Item Type: transaction_completed_date
Item Value: 2024-12-27
Item Type: buyer
Item Value: Syntiant Corp.
Item Type: seller
Item Value: Knowles Corporation
Item Type: cash_payment
Item Value: $70,000,000
Item Type: stock_consideration
Item Value: $80,000,000
Item Type: financing_provided
Item Value: $6,432,803
Item Type: separation_cost_credit
Item Value: up to $13.5 million
Item Type: board_representation_rights
Item Value: right to designate a board member
Item Type: press_release_date
Item Value: 2024-12-30