Celtron International Inc. announced Dec. 13 it signed a definitive agreement to acquire 100 percent of the outstanding shares of Satellite Security Systems (S3). Under the terms of the agreement, S3 shareholders will receive 67 million shares of Celtron stock in exchange for all the outstanding shares of S3 in a deal valued at $35 million.

S3 management will assume all executive management responsibilities of the company and will move Celtron’s headquarters from South Africa to the United States, concentrating on the asset management business in the United States and developing and expanding S3’s commercial and government contracts.