[Satellite Today 07-31-09] Orolia, a developer of precision timing, positioning and synchronization electronics systems, signed an agreement with Airtek Capital Group to acquire Kannad SAS, a French supplier of maritime, aeronautical and land-based distress positioning beacons, Orolia announced July 30.
    Orolia will pay 10 million euros ($6.3 million) in stock for the acquisition, which is part of an overall strategy to establish a presence in a growth market segment adjacent to its core time and frequency businesses. The company said it is making efforts to build a leadership position in positioning, navigation and timing for critical operations.
    "Given the formative stage of markets for time and location applications and our focus on high-end, niche markets, we believe the search and rescue sector is a particularly attractive area to advance this mission. The acquisition of Kannad, which has both a strong brand and business in this field, is for us a great opportunity to enter this market in a favorable position and expand new business as the PNT market structure solidifies," Jean-Yves Courtois, chairman and CEO of the Orolia Group, said in a statement.
    The transaction is expected to be close in September.