West Chester, Pennsylvania-based Omni Cable LLC on Wednesday announced that it has completed its $91 million acquisition of Houston Wire & Cable Co. following approval of the transaction by HWCC stockholders at a special meeting earlier in the day.
The transaction was announced on March 25. Under the terms of the merger agreement, HWCC stockholders will receive $5.30 in cash for each share of HWCC common stock they hold. As a result of the completion of the merger, HWCC common stock will be removed from listing on the Nasdaq Global Market, and Nasdaq will suspend trading in HWCC shares as of the close of business today.
Following the close of the transaction, the company will retain both brands and its existing locations.
“We are thrilled to welcome the HWCC team to OmniCable as it brings together two winning traditions to form one world class company,” said Greg Lampert, OmniCable president and CEO. “We will maintain both brands because of the strong customer relationships each has built over the years. Offering both brands allows our customers a choice and to work with their preferred partner.”