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FIMI to be Magal's majority shareholder

FIMI to be Magal's majority shareholder

YAHUD, Israel—Magal Security Systems, a provider of solutions and products for physical and cyber security, announced July 30 that FIMI Opportunity Fund, a private equity fund based in Israel, has entered into an agreement with Ki Corporation Limited, to acquire from Ki approximately 40 percent of Magal's outstanding shares at a price of $3.50 per share. In addition, FIMI will pay Ki an additional consideration subject to the occurrence of certain conditions. Following the close of the deal, FIMI will be the largest shareholder of Magal.

The close is subject to certain government approvals.

Magal S3 offers comprehensive integrated solutions for critical sites, managed by Fortis4G, a hybrid PSIM with SEIM (security information and event management). The solutions leverage Magal's portfolio of perimeter intrusion detection systems, advanced outdoor CCTV/IVA technology and cyber security solutions.


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