[Via Satellite 11-06-2015] Honeywell and Com Dev International have reached a definitive agreement for Com Dev to become part of Honeywell and for its exactEarth subsidiary to spin off as a separate company.
Honeywell is acquiring Com Dev’s electrical and optical components and subsystems equipment businesses for $345 million. Com Dev’s estimated 2015 revenue is approximately $160 million. Com Dev equipment is found on more than 950 spacecraft and 80 percent of all commercial communication satellites.
On an adjusted basis, the purchase price translates to approximately 10 times Com Dev’s estimated 2015 Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA).
Prior to closing, exactEarth will come under the ownership of current shareholders. The acquisition is expected to close by the end of the first quarter in 2016, pending government and shareholder approvals.
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