Vintage Capital Management-backed API Technologies (OTC BB: ATNY) has agreed to acquire Spectrum Control (NASDAQ: SPEC) for $270 million. API will pay Spectrum shareholders $20 per share. Morgan Stanley is providing API with $215 million of debt financing in support of the deal. Spectrum designs and manufactures custom solutions for the defense, aerospace, industrial and medical industries. Vintage has been API's majority shareholder since January.