WASHINGTON — The U.S. private equity group Advent International Corp. announced plans to acquire U.K. defense firm Cobham plc for £4 billion, or $5 billion.
Advent, which has completed over 345 buyouts in 41 countries, purchased Cobham through its indirect subsidiary AI Convoy Bidco Limited.
“We have worked intensively over the last two and half years to focus on our customers and our financial and operating performance, and these fundamentals, along with the investment in the business Advent can provide, will enable us to leverage the quality of our products and services," said David Lockwood, CEO of Cobham, in the press release. "Most of all, this offer reflects the potential for future growth and improving performance, and is an endorsement of our turnaround strategy and our hard working people.”
Cobham, which creates products for the defense, aerospace, and space industries, is ranked 57 on the Defense News Top 100 with 64 percent of its annual revenue, or $1.59 billion, coming from defense.
The deal is expected to be completed before the end of 2019, according to the press release.