Baylin Technologies has announced the completion of the previously announced acquisition of Sweden-based Kaelus AB, a provider of wireless infrastructure antenna and radio-frequency (RF) equipment. The acquisition brings Kaelus together with Baylin and its wholly owned subsidiary, Galtronics, expanding the combined company’s RF solutions portfolio across cellular infrastructure, custom antennas, RF conditioning, synchronization, and test and measurement. The platform serves wireless carriers, OEMs, defense customers, and broadcasters across North America, Europe, Asia-Pacific, and Latin America. Paradigm Capital Inc. acted as advisor and as sole agent and bookrunner for the related subscription receipt offering.
The acquisition was completed for approximately SEK 282 million (about C$42 million USD), net of excess cash, including approximately C$26 million in cash and the issuance of 52,000,036 common shares. The cash component and repayment of existing bank facilities were funded through a senior secured term facility with SAF Group and a private placement led by Paradigm Capital. In connection with closing, 41,250,000 common shares will be issued to subscription receipt holders, and the company has repaid its prior RBC revolving credit facility, improving its financial position.
Following the transaction, Kaelus will operate as “Kaelus, a Galtronics company,” maintaining brand and customer continuity. Its leadership team will remain in place with full operational responsibility, and all existing customer contracts and supply arrangements will continue without disruption, supported by expanded global capabilities. The combined company now has operations across Sweden, the United States, Canada, Finland, Australia, India, and China, and benefits from complementary, non-overlapping product portfolios, enabling cross-selling opportunities. Kaelus’s role as a supplier to major OEMs also strengthens customer access.
On a pro-forma basis, management has estimated 2026 adjusted EBITDA of approximately C$14 million, compared to Baylin’s standalone 2025 adjusted EBITDA of C$6.0 million. Revenue is expected to reach approximately C$130 million, with adjusted EBITDA margins of about 10.8%, up from 6.5% in 2024. These estimates assume full-year ownership of Kaelus and exclude potential synergies.
Management expects the combined company to benefit from industry trends such as a recovery in North American wireless infrastructure spending, continued demand in defence and government satellite communications, and growth in custom antenna applications. North American wireless capital expenditure is projected to increase from approximately US$33 billion in 2025 to US$38.5 billion in 2028, while the global custom antenna market is projected to grow from US$2.6 billion to US$7.5 billion by 2027.
Company Sentiment
“This is the start of a new chapter for Baylin’s shareholders, customers, and employees,” said Leighton Carroll, Chief Executive Officer of Baylin. “We have meaningfully increased our Adjusted EBITDA pre-synergies, added two of the largest wireless OEMs in the world as strong customers, and have a European platform that would have taken a decade to construct organically. With a stronger balance sheet and a clear runway of secular demand across wireless, defence, and custom antennas, we believe Baylin is positioned to deliver meaningful value creation.”
“Joining Baylin and Galtronics positions Kaelus to serve customers as a stronger, more strategic, long-term partner. With a broader product portfolio, deeper engineering resources, and combined global reach, we are uniquely positioned to deliver comprehensive RF solutions in an increasingly connected world,” added Peter Sandberg, Chief Executive Officer of Kaelus.
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