Cobham announced this week that it has completed the acquisition of Hants-based MMI Research (MMI) for £13.6m payable on completion on a debt and cash free basis.
The agreement comprises cash of £12.2m and loan notes of £1.4m. An extra cash consideration of up to £3m will be payable by 2010, depending on future performance.
MMI serves the law enforcement and national security (LENS) markets, providing specialist cellular telecommunications to law enforcement, military and intelligence agency customers around the world.
The company, which employs 20 staff, will become part of the Cobham Avionics and Surveillance Division.
‘We are very pleased to have MMI join the Cobham team with its distinctive technologies and specialist customer base,’ said Allan Cook, Cobham chief executive. ‘The combination of MMI’s complementary technologies and Cobham’s scale and market reach will strengthen our capabilities in the growing surveillance market.’