AmeriQuest Technologies and Kenfil Inc. Make Stock Swap

AmeriQuest Technologies Inc., a distributor of computer hardware, has traded 1.1 million newly issued common shares for 3.3 million shares, or 51%, of Kenfil Inc. common stock held by its principal shareholders.

The stock swap, first announced in April, is part of AmeriQuest’s proposed acquisition of Kenfil, a Van Nuys-based software distributor.

Subject to the approvals of both companies’ shareholders, the remaining Kenfil shares would be exchanged in a merger at the same conversion ratio of 0.34 AmeriQuest shares for each Kenfil common share. The all-stock deal is expected to be completed in August. The value of the merger fluctuates with stock prices but is estimated to be in the neighborhood of $17 million.

Simultaneously with the merger, holders of about $7.3 million of Kenfil subordinated debt will exchange the debt for additional AmeriQuest common shares.