Cobham Purchases Aeroflex for $920 Million
[Via Satellite 05-22-2014] Cobham has purchased Aeroflex to expand its wireless and connectivity business. The acquisition is for $10.50 per share in cash, with a total transaction value of approximately $1.46 billion, including the assumption of Aeroflex’s $540 million net debt as of March 31, 2014.
“This all-cash, premium transaction provides significant and immediate value to our stockholders,” said Len Borow, CEO of Aeroflex. “We believe Aeroflex and Cobham are a natural fit and that Aeroflex will benefit from the larger scale, market presence, and resources of the combined organization.”
Cobham expects the transaction to close during the third calendar quarter of 2014. Stockholders from both companies must first give their approval, along with the responsible regulatory agencies.