An unusual acquisition story grazed the lighting world today. Sky Technologies, a smart electrical plug and receptacle company, signed a definitive agreement to acquire Belami, a residential lighting and home décor company.
Sky reports the acquisition “is expected to advance SKYX’s business plan by years, provide several distribution channels including to retail customers, builders and professionals, as well as significantly enhance gross margins of SKYX’s products.”
The deal was reported to be a stock and cash transaction worth approximately $32M USD based upon SKYX’s closing price of $3.85 today.
Read more about this breaking story here!