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Thu, Apr 12, 2012

L-3 To Acquire Thales’ Civil Aircraft Simulation, Training Business

Completion Of The Deal Expected By Summer's End

L-3 Communications announced Wednesday that it has entered into an agreement to acquire the assets of Thales Training & Simulation Ltd’s civil aircraft simulation and training business. The purchase price is approximately $132 million, and will be funded with cash on hand.

Headquartered in Crawley, United Kingdom, the business employs approximately 400 people. It is a leading manufacturer of commercial flight simulation equipment, with an installed base of more than 540 simulators and a significant global customer roster. The business also operates a training center in Asia. Its advanced civil aircraft simulators are compliant with U.S. Federal Aviation Administration, European Aviation Safety Agency and International Civil Aviation Organization regulations.

The acquisition is anticipated to be completed in the summer of 2012, subject to customary closing conditions and regulatory approvals, and will be substantially structured as an asset purchase for income tax purposes. For the 12 months ending December 31, 2012, the new civil aircraft training and simulation business is expected to generate sales of approximately $150 million. The acquisition is expected to be immediately accretive to L-3’s results of operations.

“With this acquisition, L-3 will strengthen its existing military training and simulation business by adding full flight simulator capability and expanding into the civil simulation market. The business, when combined with our existing military training and simulation business, will enable L-3 to offer a full range of total training system solutions to military and commercial customers,” said Michael T. Strianese, L-3’s chairman, president and chief executive officer. “The result for L-3 will be a diversified and expanded simulation and training business and an increased global presence and growth outlook.”

Pending the successful completion of this transaction, Thales Training & Simulation will be integrated into the L-3 Link Simulation & Training organization, which is part of L-3’s Electronic Systems Group.

FMI: www.L-3com.com

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