SUBSEQUENT EVENTS

6 Months Ended

Mar. 29, 2019

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

The Company is not aware of any subsequent events which would require recognition or disclosure in the condensed consolidated financial statements other than those listed below.

On April 29, 2019, the Company paid €62.1 million for approximately 97.4% of the outstanding shares of common stock of Direct Conversion AB (publ) and assumed €2.6 million of Direct Conversion net debt for a total acquisition price of €64.7 million. In addition to the payment made at closing, the former shareholders of Direct Conversion will receive a deferred payment equal to the value of 0.3 million shares of the Company’s common stock, subject to certain adjustments, payable on the first anniversary of the closing of the transaction. The deferred payment is to be made in a mixture of the Company's common stock and cash.

The Company funded the acquisition using $7 million of available cash and $64 million of debt under its existing credit facility, as amended on March 21, 2019.

Due to the timing of the acquisition we have not yet completed the necessary valuation of the various assets acquired or an allocation of the purchase price among the various types of assets and liabilities.