CLFD - Clearfield to acquire Nestor Cables for $23M in an earnings accretive acquisition

Clearfield (NASDAQ:CLFD) entered into a definitive agreement to acquire Finnish company, Nestor Cables Oy, developer and manufacturer of fiber optic cable solutions, for $23M. The acquisition is expected to be accretive to Clearfield earnings and will be funded through its credit facility. Nestor also exports many of its products to the European continent, accounting for ~30% of its annual revenues; operates  two production facilities; in 2021, Nestor generated EUR €31.7M in revenue under Finnish Accounting Standards. Clearfield expects to open optical fiber production in its Mexico facility and begin production of optical cable in North America in early CY23. The transaction is expected to close in a few months post which Nestor will be operated as a subsidiary of Clearfield.

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Clearfield to acquire Nestor Cables for $23M in an earnings accretive acquisition