Cirtek buys US firm Quintel

Cirtek Holdings Philippines Corp. (CHPC) has acquired US-based Quintel, a leading provider of advanced high-efficiency and high-performance antenna solutions.

Cirtek and Trillium International, as shareholder representative of Quintel Cayman Ltd. announced the signing of a definitive agreement over the weekend.

Under the agreement, CHPC, through its subsidiaries, would acquire 100 percent of Quintel in a $77 million deal, which would give CHPC a significant presence in the large and rapidly growing base station antenna market, estimated to reach more than $14 by 2020.

Cirtek will fund the transaction through debt financing.

According to Cirtek, the board of directors of each company has approved the transaction, which is expected to close today (July 31), subject to customary closing conditions.

Quintel, a leading innovator of spectrum and space-efficient base station antennas for wireless networks, has been expanding. Its major customers include two of the top five telecom carriers in North America.

CHPC chairman Jerry Liu said Quintel’s cutting edge R&D and product capabilities would significantly complement Cirtek’s growing portfolio in wireless communication.

“It is aligned with our business focus on high-growth market segments,” he said.

For his part, CHPC vice chairman and president Roberto Juanchito Dispo said the transaction bodes well for the company.

“Being the strategic manufacturing partner of Quintel products places us in a unique situation to achieve significant synergies through value engineering, research and development collaboration as well as cost reduction, resulting in high-quality, reliable and cost-competitive products,” Dispo said.