Cobham To Buy Patriot Antenna Systems For $45 Million
Cobham PLC has reached an agreement to purchase the assets of Patriot Antenna Systems, U.K.-based Cobham announced May 30.
Patriot designs and manufactures parabolic antennas as well as other satellite communication products such as positioning systems and portable and flyway antenna systems.
Cobham will pay $18 million of Patriot’s debt and could pay an additional $27 million for the company based on future performance.
The deal “provides us with a product, technology and capability set that we can exploit across our antennas business, particularly in the growing U.S. government and military satellite-on-the-move markets,” Cobham CEO Allan Cook said in a statement.
The transaction, which has been approved by the Committee on Foreign Investments in the United States, should be closed in the third quarter, Cobham said.