ARLINGTON (dpa-AFX) - BAE Systems Plc. (BA.L) said it has entered into an agreement with Esterline Corp. for the proposed acquisition of its wholly-owned subsidiary, Eclipse Electronic Systems, Inc., for cash consideration of around $28 million, subject to closing adjustments.
The Texas-based Eclipse Electronic Systems business employs about 90 people and provides highly-advanced intelligence, surveillance and reconnaissance or ISR products and services to the U.S. defence and intelligence community.
The proposed acquisition will enhance BAE Systems' ISR offerings to existing customers, and broaden the potential customer base.
The proposed acquisition is conditional upon receiving certain regulatory approvals. It is expected that the deal will be completed during the first quarter of 2015.
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