Knobias Clip Report (08-20-2008) ADG
Submitted By Knobias ClipReport
ADG: To Sell Global Microwave Systems Subsidiary to Cobham for $26M
By Fain Hughes, fhughes@knobias.com
The Allied Defense Group, Inc. (ADG) has entered into a definitive agreement to sell substantially all of the assets of its California subsidiary, Global Microwave Systems, Inc., to a wholly owned subsidiary of Cobham plc, an international company engaged in the development, delivery and support of advanced aerospace and defense systems for land, sea and air platforms.
The purchase price is $26 million, subject to a final working capital adjustment. The closing of the transaction is subject to the satisfaction of customary closing conditions, including obtaining various consents and regulatory approvals, which are expected in approximately 30 days.
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