MG International makes alarms, fencing, covers, and other security devices for swimming pools.
Robotic pool cleaner maker Maytronics Ltd. (TASE:MTRN) has reached a 48.3% stake in France's MG International SA (Alternext: MGI) after closing its equity and debt acquisition agreements with the company's founders and banks.
The agreements were for Maytronics to acquire an additional 26% of MG International shares from the founders, and to assume various bank debts.
With the closing of the acquisition, Maytronics will appoint three of MG International's four directors and has assumed the company's bank debt. MG International makes alarms, fencing, covers, and other security devices for swimming pools.
Published by Globes [online], Israel business news - www.globes-online.com - on January 4, 2009
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