Private equity fund manager Advent International has finally closed a £4bn deal to buy British defence and aerospace group Cobham.
At a shareholder meeting chairman Jamie Pike said the company’s management had “pushed as hard as they could push” and engaged in some “arm wrestling”, Reuters reported.
Advent’s £1.65 per share offer provides a 50 per cent premium on the company’s three-month share price before the deal was reported.
The London-listed company makes a range of products for the defence, aerospace and space markets, operating across the communications, mission systems, advanced electronics and aviation services sectors.
Cobham employees around 10,000 people across the UK, Europe, the United States and Australia.
Advent closed its ninth flagship fund, Advent Global Private Equity IX, on $17.5bn of commitments earlier this year.
Founded in 1984, the buyout major has invested in more than 345 private deals and manages $36bn of assets.
The firm recently agreed to buy payments provider Transaction Services Group from fellow private equity house Calera Capital.
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