Cobham acquisition of Aeroflex Holding Corp. successfully completed
Cobham plc announces that its acquisition of Aeroflex Holding Corp., previously announced on May 20, 2014, has been successfully completed following the receipt of regulatory and shareholder approvals. The transaction has an enterprise value of approximately $1.46 billion.
Cobham Chief Executive Officer Bob Murphy said: “We are pleased to welcome Aeroflex into the Cobham family of businesses. The combination of our technology companies is absolutely aligned with our strategic objective of building and maintaining leading positions in selected higher growth, commercially oriented end markets that increasingly demand more data, connectivity and bandwidth.”
Approximately 70 percent of Aeroflex's revenue is focused on commercial markets with exposure to wireless, space, microelectronics, industrial, energy and other sectors. This will increase the proportion of Cobham’s commercial revenue from 35 percent to some 42 percent of the total, on a pro forma basis, and builds on Cobham’s focus on connectivity capabilities, customers and characteristics.
Aeroflex operations will be integrated into Cobham’s Advanced Electronic Solutions and Communications and Connectivity sectors. The scale and complementary nature of this transaction is expected to enable Cobham to unlock significant synergy benefits, generating increased shareholder value, while supporting customers even more effectively.