Acquisition

RNS Number : 8845Z

BAE SYSTEMS PLC

21 January 2011

 



BAE Systems - Acquisition of Fairchild Imaging, Inc.

21 January 2011

BAE Systems has entered into a definitive agreement to acquire, for cash consideration of approximately $86 million, 91.3% of the outstanding equity of Fairchild Imaging, Inc. ("Fairchild"). Fairchild's outstanding equity is held primarily by entities affiliated with The Carlyle Group and by a number of current and former employees.  BAE Systems already holds 8.7% of Fairchild's equity and will own the entire stock of Fairchild upon closing of the acquisition.  

Fairchild is a provider of solid-state electronic imaging components, cameras, and systems for aerospace, industrial, medical, and scientific imaging applications.  The Milpitas, California-based business generated revenue of $42.6 million in 2009 and employs approximately 150 people.

The acquisition will complement BAE Systems' established electro-optics and night vision capabilities within its U.S.-based Electronic Solutions sector.

The acquisition is conditional, among other things, upon receiving certain regulatory approvals and is expected to close in the first half of 2011.

Issued by:

BAE Systems plc

London

 

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