4. Acquisitions On July 1, 2011, 7834080 Canada Inc., an indirect wholly-owned subsidiary of the Company, completed the acquisition of all of the capital shares of Bemag Transformer Inc. Pursuant to the share purchase agreement, as amended, all the capital shares of Bemag Transformer Inc. were purchased in a transaction valued at approximately $9.1 million, which amount includes approximately $2.8 million of Bemag Transformer Inc.'s former revolving and long-term debt which was repaid by the Company at closing. The transaction was accounted for under the purchase method of accounting. Under the purchase method of accounting, the total estimated purchase price is allocated to the tangible and intangible assets acquired and liabilities assumed in connection with the acquisition, based on their estimated fair values as of the effective date of the acquisition. Goodwill arising from the acquisition has been determined as the excess of the purchase price over the net of the amounts assigned to acquired assets and liabilities assumed. The allocation of the purchase price was as follows (in thousands): Purchase Price: Cash $ 6,231 Debt repaid at closing 2,830 Total consideration $ 9,061 Purchase Price Allocation: Cash and cash equivalents - Accounts receivable 2,870 Inventory 3,040 Prepaid expenses 30 Deferred income taxes 3 Income taxes receivable 181 Property and equipment 3,488 Accounts payable and accrued liabilities (2,683 ) Deferred tax liabilities (744 ) Net tangible assets acquired 6,185 Intangible assets acquired 1,476 Goodwill 1,400 Total purchase price $ 9,061 Identifiable intangible assets having finite lives arising from the acquisition were valued at $0.9 million, consisting primarily of customer relationships and a non-compete agreement. These intangible assets are amortized on a straight-line basis with a weighted average remaining useful life of 13.5 years. None of these definite-lived intangible assets acquired are deductible for tax purposes. Indefinite-lived intangible assets acquired are valued at $