Digital Angel [Amex: DOC], a South St. Paul, Minn.-based supplier of GPS-based and wireless tracking devices, has acquired OuterLink, a Concord, Mass.-based producer of satellite data systems, in a stock swap deal worth a minimum of $16 million. The transaction involves the issuance of a zero coupon preferred stock instrument that is convertible into four million shares of Digital Angel’s common shares when the price of the common stock reaches $4 or more for 10 consecutive trading days. Digital Angel’s stock was trading at $2.36 per share at close of trading Friday. As part of the transaction, Van Chu, who was CEO of OuterLink, becomes the new CEO of Digital Angel.
Digital Angel to Acquire OuterLink
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