Cobham has agreed to a US$4 billion takeover by Bidco, an indirect subsidiary of funds managed by Advent International Corporation.
According to David Lockwood, CEO of Cobham: “We have worked intensively over the last two and half years to focus on our customers and our financial and operating performance, and these fundamentals, along with the investment in the business Advent can provide, will enable us to leverage the quality of our products and services. Most of all, this offer reflects the potential for future growth and improving performance, and is an endorsement of our turnaround strategy and our hard working people.”
Shonnel Malani, a managing director of Advent International plc, added: “We are pleased the Board of Cobham has agreed unanimously to recommend the Acquisition of Cobham by Advent. We strongly believe in the importance and potential of Cobham’s businesses and look forward to bringing our long track record of successful stewardship of companies to ensure that Cobham flourishes under our ownership.”