COPPELL, Texas, May 16, 2018 /PRNewswire/ -- Universal Power Group, Inc. (the "Company"), a Texas-based provider of batteries, related power accessories and supply chain solutions, today announced its entry into an Agreement and Plan of Merger, dated May 9, 2018 (the "Merger Agreement"), by and among UPGI Holdings, Inc., a Delaware corporation (the "Parent"), Project Phoenix Merger Sub, Inc., a Texas corporation and the Company, pursuant to which the Company will become a wholly-owned subsidiary of the Parent, and the minority shareholders of the Company will receive consideration of $2.24 per share.
The Merger Agreement and the transactions contemplated thereby were approved by an independent special committee of the board of directors of the Company and subsequently by full the board of directors on May 8, 2018. The board of directors of the Company has called a special meeting of shareholders (the "Special Meeting") to consider and vote upon the transactions contemplated by the Merger Agreement. The Special Meeting will be held on June 13, 2018. The record date for the Special Meeting is May 8, 2018.
Notice of the Special Meeting and additional relevant confidential information is being mailed today to the shareholders of the Company.
About Universal Power Group, Inc.
UPG is a leading supplier of batteries, power accessories, wire and cable products, and a provider of supply chain solutions. UPG's offerings include proprietary brands of industrial and consumer batteries of all chemistries, chargers, jumpstarters, and other power accessories. UPG's supply chain services include sourcing, procurement, warehousing, inventory management, distribution and fulfillment. Through its wholly owned subsidiaries, iTECH and ProTechnologies, Inc., UPG's expanded offerings include the manufacture of smart lithium-ion batteries, chargers, docking stations, vehicle cradles and power subsystems for performance critical applications. For more information, please visit the UPG website at www.upgi.com.
SOURCE Universal Power Group, Inc.