Aeroflex to be Acquired by Cobham PLC for Approximately $1.46 Billion

aeroflex-cobham

PLAINVIEW, N.Y.– May 20, 2014 — Aeroflex Holding Corp. (NYSE:ARX), a leading global provider of high performance microelectronic components and test and measurement equipment, today announced that it has entered into a merger agreement with Cobham PLC (LSE:COB.LN), a UK-listed company that designs and manufactures a wide range of equipment, specialized systems and components for the aerospace, defense, energy, and electronics industries. Under the terms of the transaction, Cobham will acquire Aeroflex for $10.50 per share in cash. Total transaction value is approximately $1.46 billion, including the assumption of Aeroflex’s net debt of $540 million at March 31, 2014.

The agreement, which has been approved by Aeroflex’s Board of Directors, represents a premium of approximately 26.1% over Aeroflex’s closing stock price on May 19, 2014, the last trading day prior to the announcement of the transaction, and a 28.4% premium to Aeroflex’s volume-weighted average price over the prior 30 trading days.

“This all-cash, premium transaction provides significant and immediate value to our stockholders,” said Len Borow, Aeroflex’s Chief Executive Officer. “We believe Aeroflex and Cobham are a natural fit and that Aeroflex will benefit from the larger scale, market presence, and resources of the combined organization. We look forward to working with Cobham to ensure a seamless integration for our teams and customers around the world.”

To read the full press release, visit the Aeroflex website: Aeroflex To Be Acquired by Cobham PLC For Approximately $1.46 Billion.


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