<%=company1%>, a developer of virtual and 3D graphics technology has agreed to merge with Peak Broadcast, a Norwegian-based supplier of on-air broadcast graphics systems.
In the stock swap deal, RT-SET will issue shares equal to 36.6% of its outstanding share capital to Peak's shareholders, which will hold in the aggregate, following the transaction, 26.7% of RT-SET's shares. The deal, subject to certain closing conditions is expected to close within two months.
The new company, named RTPeak, will be headquartered in New York and Petter Ole Jakobsen, president and CEO of Peak, will become CEO. The two companies plan to combine their respective platforms to target graphics technology for broadcast, the Web and virtual studio markets.
RT-SET is an affiliate of BVR Technologies (Rosh-Ha'ayin, Israel), a hi-tech management company with interests in wireless and broadband. Following the transaction, BVR will remain the largest shareholder at 20%.
Edited by Tom Butts