Aerospace contractor and communications systems developer L-3 Communications has acquired the assets of RF satcom product manufacturer Miteq for US$41m in cash.
Miteq has subsequently been merged with L-3’s Narda Microwave-East subsidiary and renamed…
Aerospace contractor and communications systems developer L-3 Communications has acquired the assets of RF satcom product manufacturer Miteq for US$41m in cash.
Miteq has subsequently been merged with L-3’s Narda Microwave-East subsidiary and renamed L-3 Narda-Miteq.
The combined L-3 Narda-Miteq business will employ approximately 700 people, providing products for the US military, government agencies, prime contractors and commercial customers.
L-3 expects the acquisition to generate around US$60m in sales in 2015.
Commenting on the transaction, John Mega, president of L-3 Communication Systems, said: “Miteq adds key products, technical capabilities and other synergies, strong engineering talent and new customers to L-3’s Advanced Communications sector within our Communication Systems segment.”
Founded in 1969, Miteq, an acronym for microwave information transmission equipment, is a specialist in active and passive RF microwave components and low-power satcom products for space and military applications.
The company has predominantly grown organically, however, in 2000 it made the transformational acquisition of MCL, a satcoms power amplifier products developer.
While the deal substantially increased its product portfolio, Miteq eventually sold the business to RF antenna developer CPI International in mid-2013.
As with the MCL deal, Miteq was advised on this latest process by OEM Capital Corp. L-3 used internal advisers.
