UK defence and aerospace company Ultra Electronics has bought Irish-owned AEP Networks for an initial cash consideration of US$57.5m.
A further US$17.5m may be paid to the vendors based on the company’s financial results to the end of December of this year.
AEP, which has more than 5,000 blue chip and government customers in more than 60 countries, carries out its system development in the UK and the USA. The majority of the company’s 80 employees are based in Ascot, Berkshire, and Hemel Hempstead, Hertfordshire.
The company also has a sales and engineering operation in New Jersey, USA, together with sales and support hubs in Australia and Malaysia.
“I am very pleased that we have been able to bring AEP into the group,” said Ultra chief executive, Rakesh Sharma. “AEP provides important complementary technologies and products to advance Ultra’s strategy in the growing cyber security domain. AEP is a technology-rich company with strong intellectual property and wide global reach, operating in a fast-growing market place.”
Dublin-based LK Shields Solicitors advised AEP on the sale. “The deal represents a successful exit for the shareholders of AEP who we have advised for a number of years in relation to company and corporate finance law matters,” said Richard Curren of LK Shields. “I am delighted to have advised AEP on such a high-value transaction and to see the process brought to a satisfactory conclusion for all parties.”
Article courtesy of Businessandleadership.com