Ultra Electronics Holdings Plc said it has accepted a 2.57 billion-pound ($3.6 billion) buyout approach from Cobham Ltd. to unite the British manufacturers of defense and aerospace systems.
The firms said in a statement Monday that they’d reached agreement on an all-cash deal valuing Ultra at 35 pounds as share. That’s after Ultra said July 23 it was inclined to accept a takeover at that price by Cobham, which is owned by U.S. private-equity firm Advent International Corp.
The takeover is the latest move to acquire U.K. aerospace and defense assets as private equity takes advantage of free-flowing capital to step up acquisitions. Ultra’s business activities include providing sonar for submarines, nuclear controls and maintaining a store of sensitive components for the nuclear deterrent.
