Baylin Technologies completes transformational acquisition of Kaelus
Torys acted as Canadian counsel to Baylin Technologies with a team led by Rima Ramchandani and that included Adam Ibrahim, Mackenzie Birchard and Shree Gandhi (corporate/M&A), Ellie Kang and Ryan Davis (employment), Christopher Caparelli (regulatory), Ed Fan and Henry Mah (IP), Alex Tanenbaum and Steven Dhesi (real estate).
On May 29, 2026, Baylin Technologies Inc. ("Baylin") announced the completion of the previously announced definitive agreement to acquire 100% of the shares of Kaelus AB ("Kaelus"), a privately held Swedish company, for a purchase price of approximately SEK 285 million (or approximately C$42 million), subject to adjustment and net of excess cash.
The purchase price was satisfied in a combination of cash and common shares of Baylin. The purchase price was satisfied through the payment of C$26 million in cash and the issuance of approximately 52.2 million common shares, representing approximately 34% of the currently outstanding shares and approximately 21% of the common shares after giving effect to the acquisition and a related subscription receipt offering.
The cash portion of the purchase price was funded through a combination of equity and debt, including a C$10 million private placement of subscription receipts to a group of new institutional investors and Baylin's controlling shareholder, as well as a C$30.9 million non-revolving senior loan provided by a Canadian private credit lender.
Further information can be found on Canada Newswire’s website.
Kaelus is a global RF technology manufacturer supplying products essential to wireless networks, defense systems, and telecommunications infrastructure. Its portfolio includes transparent antennas, RF conditioning solutions, GNSS synchronization and anti-jamming products, and industry-leading PIM test & measurement equipment.
Baylin is a leading diversified global wireless technology company focused on the research, design, development, manufacturing and sales of passive and active radio frequency and satellite communications products, and the provision of supporting services.