LONDON (MarketWatch) — Defense and commercial aerospace equipment maker Cobham PLC (COB.LN) said Thursday it has agreed to buy U.S.-based Trivec-Avant Corporation, a global supplier of sophisticated UHF satellite communication (SATCOM) antenna systems, for up to $144 million.
-Cobham will acquire Trivec for a cash consideration of $126 million, payable on completion, on a debt and cash free basis; an additional cash consideration of up to $18 million is payable between 2013 and 2014, contingent on future performance.
-Subject to regulatory approvals, the acquisition is expected to complete during the fourth quarter of 2011.
-For the year ended Dec. 31, 2010, Trivec generated operating profits of $22.4 million and EBITDA of $22.6 million; at Dec. 31, 2010 Trivec had gross assets, excluding debt and cash, of $11.7 million.
-It is expected that the acquisition will be immediately earnings enhancing and will cover its cost of capital in the first year of ownership.
-Shares closed Wednesday at 179.5 pence valuing the company at GBP1.98 billion.
View more information: https://www.marketwatch.com/story/cobham-to-buy-trivec-avant-for-up-to-144m-2011-09-15