Ultra Electronics in double acquisition

5th Dec 2011 07:06

It was a double deal for Ultra Electronics, the high-tech defence firm, which has acquired both Zu Industries and Special Operations Technology (SOTECH). Zu Industries was purchased for a cash consideration of $76.6m, while SOTECH was bought for $38.4m. As part of the Zu transaction, Ultra has also acquired the membership interests of an associated business, Bushido LLC. Zu is a bolt-in acquisition to ProLogic, within Ultra's Information & Power Systems division. SOTECH, which offers turnkey communications surveillance systems, will be part of Ultra's Information & Power Systems division.Both acquisitions will be financed using Ultra's existing facilities and is expected to be earnings-enhancing in 2012 before amortisation of intangibles. NR