Audiovox reported today it agreed to acquire Terk Technologies Corp for $13.6 million plus a debenture based on future revenue targets. Terk provides satellite radio receivers and digital antenna products (such as the XM Commander and XM Direct) and has agreements with XM Satellite to provide aftermarket car stereo systems.
The deal, which still requires a definitive agreement and completed due diligence, is expected to closed by Dec. 31 or soon thereafter.
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