BAE Systems North America has recently reached a definitive agreement with Advanced Power Technologies, Inc. (APTI) for BAE to purchase the corporation for $27 million in cash.
APTI, a private company with headquarters in Washington, D.C., focuses on intelligence, surveillance, reconnaissance exploitation and information processing for defence, civil and commercial uses.
APTI’s core competencies include radio frequency (RF) and optical engineering, communications and networking, signal and data exploitation and knowledge creation.
The 17-year-old company employs more than 100 people at its facilities, which include offices in Virginia, Maryland and Alaska. APTI had 2002 revenues of approximately $26 million.
Closing of the transaction is expected to occur within 45 days and is subject to completion of certain regulatory reviews and approvals.