JVC Kenwood to invest in Tait Communications

JVC Kenwoood has entered into an agreement for a share acquisition and a capital and business alliance with Tait Communications and revealed that it is looking to launch a broadband solutions business as a top priority.

Details of the amount of shares to be purchased and the value of the deal have, as of writing, not been disclosed. JVC Kenwood plans to acquire shares in Tait Communuications in October 2018 and the impact that this will have on JVC Kenwood’s 2018 business forecast is expected to be minor.

Land Mobile understands that the proposed minority investment by JVC Kenwood requires approval from New Zealand’s Overseas Investment Office. Tait Communications’ majority owner will remain the charitable foundation established by its founder Sir Angus Tait prior to his death. To allow external investment in the business, a new New Zealand-based company, Tait International, was set up and Tait’s businesses will be transferred over to it prior to JVC Kenwood’s investment being finalised. Garry Diack, Tait Communications’ chief executive has been previously reported as saying that the company is looking to raise around $20 million.