Canon to acquire 100% of venture-backed Redlen Technologies – update

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By CPE Analytics

On September 28, 2021, Canon Inc. (TSE: 7751) acquired 87.0% of the issued shares of Redlen Technologies Inc., making it a wholly owned subsidiary of Canon.

Financial terms were not disclosed at the time.

Canon has reported that it pad the 87% stake, it does not own, for a cash consideration of ¥31,640 million or proximately CDN $360 million.

Canon held an investment in Redlen at a value of ¥1,252 million prior to the acquisition. Redlen’s total equity was valued at approximately ¥36,863 million or approximately CDN $419 million.

Founded in 1999, Redlen had been backed by Pangaea Ventures, THG Ventures, Redlen Holdings (VCC) Inc., Pender Growth Fund Inc., and Canadian, USA and international investors.

Saanichton, BC based Redlen Technologies is the leading provider of multi-energy, radiation imaging modules based on proprietary Cadmium Zinc Telluride (CZT) semiconductor imaging sensors.

Note: CPE Analytics/Canadian Financings continues to update our database with newly available information.

photo credit: Redlen Technologies, Canon