Electronic instrument maker Ametek Inc said on Monday it would buy computing systems maker Abaco Systems Inc from private equity firm Veritas Capital in an all-cash deal valued at $1.35 billion.
Huntsville, Alabama-based Abaco makes computing and electronic systems for aerospace, defense and industrial markets, with its products made to withstand harsh environments such as extreme temperature.
The company has annual sales of about $325 million, according to Ametek’s statement.
“Their…embedded computing solutions are ideally positioned across a number of attractive aerospace and defense platforms, further broadening our differentiated product offering serving these markets,” said Ametek Chief Executive Officer David Zapico.
The deal is expected to close in mid-2021, after which Abaco will join Ametek as part of its electronic instruments group.
Source: Reuters
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