Read 'Network your way to the top' feature

Cobham buys Sparta for US$416m

12:48pm GMT, Thursday, 17 January 2008

Cobham’s operations focus on the development, delivery and support of aerospace and defence systems for land, air and sea.

International aerospace and defence group Cobham has announced it has acquired Sparta for US$416 million (£211 million).

The deal is Dorset-headquartered Cobham’s biggest acquisition to date and its second in the US in just a month.

Sparta is a systems engineering and technical assistance company, employing around 1,200 people in locations including Washington and Alabama. It provides the US intelligence and missile defence services with a range of services including planning, analysis and engineering.

Allan Cook, Cobham’s Chief Executive, is delighted the companies have reached the acquisition agreement. He said: “The strong incumbent management will provide Cobham with an exciting platform for growth in the Systems Engineering and Technical Assistance segment, which is complementary to our existing US intelligence and defence capabilities.

“This is a major step forward in the implementation of Cobham’s technology strategy and the creation of a significant Tier two business supplying the US Department of Defence and intelligence markets.”

Sparta’s gross assets were valued at $122m (£62m) as of 30 September 2007. Cobham expects the acquisition to push earnings higher.

The deal will complete in the second quarter of 2008, “subject to regulatory and Sparta shareholder approvals”.

In a separate deal, Cobham purchased S-TEC Corporation from Meggitt for US$38m (£19m) at the beginning of January. S-TEC designs, certifies and manufactures autopilots for general aviation aircraft and is based at Mineral Wells Airport in Texas.

By Natasha Piscitelli

Categories:
Aerospace & Defence



Subscribe to ICM News

Add to Google Reader or Homepage

eNewsletter signup

Sign up to our free eNewsletter, and receive the headlines direct to your inbox.

Opinion poll

Should broadband be a legal right for every citizen?

View Results

Loading ... Loading ...
Latest news
National Briefing | WEST: California: Rocket Launches With Secret Payload
The largest rocket ever launched from the West Coast blasted off Thursday with a classified defense ...
Read More
German Ifo survey hits 20-year high
Business sentiment of 7,000 companies confounds forecasts of a flat reading to hit highest level sin ...
Read More
NASA’s Stardust Probe Readies for Date with Comet Tempel 1 (Time.com)
Time.com - Stardust’s Valentine’s Day meeting with comet Tempel 1 will be not only a sci ...
Read More
© 2012 The Institute of Commercial Management (ICM), ICM House, Castleman Way, Ringwood, Hampshire, BH24 3BA, UK