Cobham swoops on US antenna firm for $126m
AEROSPACE and defence company Cobham has agreed to buy US satellite antenna manufacturer Trivec-Avant Corporation in a deal worth $126m (£80m).
Cobham said the all-cash deal, which includes possible bonus payments of up to $18m between 2013 and 2014, is expected to be completed in the fourth quarter of this year.
“The acquisition of Trivec-Avant Corporation brings us a range of SATCOM antenna products and communication related technologies that are highly complementary to our existing business,” Andy Stevens, chief executive of Cobham, said in a statement.
Cobham, which generates around half of its revenues from the US, saw first half revenues drop seven per cent as it suffered from a decline in US defence contracts and increased competition.
Trivec, based in California, makes advanced antenna systems for US and foreign militaries.
The deal will help boost the Cobham’s world-leading antennas business and increase investment in “highly differentiated” technology, the group said.