10 May 2013 07:00
10 May 2013
Cobham Completes the Purchase of Axell Wireless Limited for up to £85 Million
Cobham plc ('Cobham') today announces that it has acquired the entire share capital of Axell Wireless Limited ('Axell'), a privately-owned supplier of wireless communications for commercial and public safety markets, for a total consideration of up to £85 million on a cash and debt-free basis. Cobham has paid an initial £60 million for the business, with a further conditional cash consideration of up to £25 million in total being payable during 2014 and 2015, contingent on future performance.
Axell is a leading global provider of Distributed Antenna Systems (DAS) and wireless solutions for the public safety and cellular markets, with a specific focus on communication systems for buildings and critical infrastructure applications. It has supplied coverage solutions for some high profile global infrastructure projects including the London 2012 Olympic Stadium, the Beijing and Singapore metros, the Burj Khalifa in Dubai, the Brisbane Airport tunnel and the Shard in London.
The company designs, develops and supplies innovative technology products including digital repeaters, fibre optical master units, multi band remotes and network management tools all of which are complementary to the technology in Cobham's existing Antenna Systems and Tactical Communications and Surveillance businesses.
The acquisition of Axell presents significant opportunities to sell products to the respective customer bases of each company and provide larger system solutions for future customer requirements.
Axell's markets have been growing strongly, driven by rapidly increasing demand for indoor mobile data traffic and more stringent public safety regulations, which support the ability of emergency services to communicate within large buildings and at international events.
The company has approximately 250 employees worldwide and is headquartered in Chesham, UK. It will become part of the Antenna Systems Strategic Business Unit, within Cobham's Aerospace and Security Division.
Commenting on the acquisition, Cobham Chief Executive Officer, Bob Murphy said:
"Axell operates in an exciting and growing global market, bringing complementary technology to our existing businesses. This transaction, following the acquisition of Thrane & Thrane in 2012, represents another step towards achieving our strategic objective of bringing more balance to our portfolio."
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ENQUIRIES
Cobham plc
Bob Murphy, Chief Executive Officer +44 (0)1202 882020
Julian Wais, Director of Investor Relations +44 (0)1202 857998
Brunswick
Michael Harrison/Will Carnwath +44 (0)20 7404 5959
About Cobham
Cobham protects lives and livelihoods with its differentiated technology and know-how, operating with a deep insight to customer needs and agility. The Group offers an innovative range of technologies and services to solve challenging problems across commercial, defence and security markets, from deep space to the depths of the ocean. It has market leading positions in air-to-air refuelling; aviation services; audio, video and data communications, including satellite communications; defence electronics; life support and mission equipment. The most important thing Cobham builds is trust. |