Selling For US$38 Million
Cobham plc ('Cobham') tells ANN that has reached an agreement to
purchase S-TEC Corporation from Meggitt plc for a cash
consideration of US$38m on a debt and cash free basis payable on
completion. The purchase is anticipated to complete before the year
end, subject to regulatory approval. S-TEC designs, certifies and
manufactures autopilots for general aviation aircraft, ranging from
small single-engined to light commuter aircraft.