22nd May 2009 07:00
22 May 2009
Ref: 284
COBHAM COMPLETES PURCHASE OF US NATIONAL SECURITY COMPANY FOR US$36.25 MILLION
Further to the announcement of 6 April 2009 Cobham plc ('Cobham') has completed the purchase of the share capital of Argotek, Inc. ('Argotek'), a privately owned company based in the USA, for a consideration of US$36.25 million, comprising US$26.25 million payable in cash on completion on a debt and cash free basis, and a seller's note of US$10 million which will be payable in instalments on the first, second and third anniversary of completion. Argotek will become part of the Cobham Defence Systems Division and will operate under Cobham's existing US Special Security Agreements.
Argotek provides high-end information assurance services to the US intelligence community. It is an excellent fit within Cobham Analytic Solutions' existing National Security Systems Sector, building on the successful acquisition of SPARTA in 2008 by adding technical depth and expertise and expanded customer relationships. Its core competences will be in demand for critical programmes, including the Comprehensive National Cyber Initiative, a major government-wide effort to strengthen US defences against electronic attack.
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ENQUIRIES
Cobham plc
Allan Cook, Chief Executive +44 (0)1202 882020
Warren Tucker, Chief Financial Officer +44 (0)1202 882020
Julian Hellebrand, Group Director of Communications +44 (0)1202 857651
Julian Wais, Director of Investor Relations +44 (0)1202 857998
Susan Ellis, Senior Communications Adviser +44 (0)7836 522722
NOTES
1. Cobham's products and services have been at the heart of sophisticated military and civil systems for more than 70 years, keeping people safe, improving communications and enhancing the capability of land, sea, air and space platforms. The Company has four divisions employing more than 12,000 people on five continents, with customers and partners in over 100 countries and annual revenue of more than £1bn.
2. Cobham Analytic Solutions provides world-class technical products and services to the defence, intelligence, and homeland security sectors of the federal government. Since its inception in 1979, the business has successfully applied outstanding intellectual talent and expertise to help solve major national defence and intelligence challenges. Focusing on problems that require critical technical analysis, innovative engineering solutions, and expert acquisition support, the business has established a reputation for integrity, technical excellence, and customer satisfaction.
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