Digital Angel said Friday that shareholders voted to approve the sale of the company's animal identification business to Allflex USA of Dallas for $25 million.
South St. Paul-based Digital Angel sold its Destron Fearing Corp. business, which makes microchips that track fish, livestock and pets. The deal will close by July 22.
Once the transaction is completed, the company will issue a special cash dividend to investors. The amount was not specified.
CEO Joe Grillo said in a news release the sale will permit Digital Angel to move forward with little debt and with improved balance sheet liquidity.
In June, Digital Angel said its Signature Industries Ltd. subsidiary closed on the sale of the SARBE unit for about $2.4 million. The purchaser is Orolio Group of France, a high-tech firm that specializes in positioning, navigation and timing products and GPS systems.
Last fall, Florida-based PositiveID Corp. on offered to buy Digital Angel in an unsolicited bid.
Janet Moore • 612-673-7752
