Smartflex Becomes Unit of Michigan Company

A Michigan electronics firm said Thursday that it completed its acquisition of Tustin electronics parts maker Smartflex Inc. for about $68 million in cash.

Smartflex becomes a subsidiary of closely held Saturn Electronics & Engineering Inc. of Auburn Hills, which provides electronic and electromechanical systems.

Saturn paid $10.50 a share, more than double the price of Smartflex shares the day before the deal was announced early last month.

Saturn received 6.3 million shares, or nearly 97% of Smartflex System’s outstanding common shares. The remaining outstanding shares will be converted to rights, allowing holders to receive $10.50 a share in cash, without interest.

Smartflex’s stock is no longer traded. The shares closed Wednesday at $10.44.