The company, which was formed during the merger of Alcatel and Lucent in 2006, provides its wireless, optical, and wired products to the US government.
Madison Dearborn and CoVant will pay $100m and a further payment of up to $100m could be due depending on the company’s full year results.
Madison Dearborn managing director Doug Grissom said, “LGS Innovations has long been at the leading edge of developing and delivering highly innovative products and services to the U.S. federal government, and we are pleased to now be in a position to help the team expand its business.
“We also are delighted to partner with CoVant. We look forward to growing LGS Innovations in concert with them, the LGS management team and the LGS employees.”
Last year Madison Dearborn agreed to sell candle and air freshener maker Yankee Candle in a $1.75bn deal.
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