Eltek To Acquire Valere Power

Eltek Energy, a subsidiary of listed Norweigen telecom company Eltek Group, has agreed to acquire Valere Power Inc., a Richardson, Texas-based provider of power supply solutions for communications providers. The combined company will be called Eltek Valere, and is expected to “investigate a separate listing of the company in the US or another major global exchange in the future.” Valere shareholders will receive around $83 million in cash, plus a minority stake in the new company. Valere had raised around $63 million since 2001, from firms like Sierra Ventures, Alcatel Ventures, Dali Hook Partners, JPMorgan Partners and Lehman Brothers. www.valerepower.com