by Richard Tomkins
Plainview, N.Y. (UPI) May 20, 2013
A merger is in the works for U.S. and British companies providing components and test equipment for aerospace, defense, electronics and other industries.
Aeroflex Holding Corp., headquartered in New York State, said that Cobham plc will acquire its stock at the price of $10.50 per share in cash for a total transaction value of about $1.46 billion.
Cobham will also assume Aeroflex's net debt of $540 million.
"This all-cash, premium transaction provides significant and immediate value to our stockholders," said Len Borow, Aeroflex's chief executive officer. "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.
"We look forward to working with Cobham to ensure a seamless integration for our teams and customers around the world."
The deal requires regulatory approvals -- including the Committee on Foreign Investment in the United States and Hart-Scott-Rodino Antitrust Improvements Act of 1976 -- and stockholder approvals.
Aeroflex said the transaction is expected to close in the third quarter of this year.
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