Mercury Systems (Nasdaq: MRCY) has purchased Pentek for approximately $65 million as part of efforts to expand software-based radio, radio frequency system-on-chip and data recorder offerings.
“The acquisition of Pentek is an excellent fit for our market and low-risk content expansion strategy,” Mark Aslett, president and CEO of Mercury and a 2021 Wash100 Award winner, said in a statement published Thursday.
“Their capabilities add scale and breadth to Mercury’s existing mixed-signal product portfolio and deepen our penetration into our core radar, electronic warfare (EW), and signals intelligence markets,” added Aslett.
Pentek designs and manufactures ruggedized, commercial off-the-shelf software-defined radio, recording systems and subsystems and data acquisition boards for defense and commercial applications. The Upper Saddle River, New Jersey-based company is expected to record approximately $20 million in revenue for Mercury’s fiscal year ending July, 1, 2022.
The all-cash transaction is subject to net debt and net working capital adjustments and is expected to be immediately accretive to adjusted earnings per share.
Mercury said it used existing cash on hand and revolving credit facility to fund the acquisition and related expenses and expects a part of the transaction to be treated as an asset sale for tax purposes.
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May 28, 2021 at 04:46PM
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Mercury Systems Buys Pentek in Radar, Electronic Warfare Market Expansion Push; Mark Aslett Quoted - GovCon Wire
"Electronic" - Google News
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