NEUILLY-SUR-SEINE (dpa-AFX) - Thales Group (THLEF.PK), a French company which makes electrical systems and devices for defense and security sectors, said on Wednesday that it started negotiations to acquire Cobham Aerospace Communications, a supplier of safety cockpit communication systems, for $1.1 billion.
Nicolas Bonleux, chief executive of Cobham commented, 'We are proud to join Thales, which will provide Cobham Aerospace Communications with a platform to build on recent success, continue the development of several cutting-edge avionics products, and ensure the business' future growth.'
Thales expects transaction to add to its earnings from the first year of completing the acquisition, which is expected in the first half of 2024
With this acquisition, Thales aims to pursue its strategy to strengthen its Avionics portfolio including 'recently developed cutting edge products benefiting from solid positions with major OEMs and strong aftermarket/retrofit opportunities.'
Cobham Aerospace operates in France, South Africa, the U.S., Canada and Denmark. It is expected to generate revenue of around $200 million for 2023.
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