Ham-Let (Israel Canada) Ltd. (TASE:HAML) entered into an agreement to acquire Jiangsu Xinghe Valve Co. Ltd. from Jiangsu Xinghe Group Co., Ltd, Investor AB Limited and Rainbow Orbit Limited for $18.4 million on January 12, 2016. As reported, Ham-Let will acquire Jiangsu Xinghe Valve in exchange for up to $12.25 million and CNY 40.32 million ($6.15 million), to be paid in installments. First installment of $0.84 million and CNY 4.032 million ($0.61 million) is to be transferred within 5 days since the agreement signing date; a total of $8.06 million and CNY 36.288 million ($5.53 million) is to be paid after completion; a total of $2 million payment is subject to the performance of the EBITDA from January 1, 2016 until December 31, 2017 and a total of $1.35 million will be paid to Rainbow Orbit Limited and Investor AB Limited subject to the performance of the EBITDA from January 1, 2016 until December 31, 2017. Ham-Let (Israel Canada) Ltd. will be finance the transaction by a loan using its lines of credit. Jiangsu Xinghe Valve reported total assets of CNY 226.64 million ($34.95 million) and total common equity of CNY 116.04 million ($17.89 million) as at December 30, 2015. The transaction is subject to fulfillment of various conditions, such as approval by the authorities in China and the signing of marketing, sales, and partnership agreements. The deal is expected to be closed by April 30, 2016. The deal value conversions and financials have been made through www.oanda.com as on January 12, 2016 and as on December 30, 2015 respectively. EC Mergers & Acquisitions acted as exclusive financial advisor to Jiangsu Xinghe Valve.

Ham-Let (Israel Canada) Ltd. (TASE:HAML) completed the acquisition of Jiangsu Xinghe Valve Co. Ltd. from Jiangsu Xinghe Group Co., Ltd, Investor AB Limited and Rainbow Orbit Limited for $13.6 million on April 5, 2016.