Thales has completed the sale of Thales Instruments (TI) to a consortium comprising J.F. Lehman & Co. and Thomas Weisel Capital Partners.
The sale is valued at £85m, including £62m in cash for the shares of the entities sold, £11m in promissory notes and a special net dividend of £12m paid to Thales.
The price is subject to certain post-closing adjustments. In addition to the purchase price, Thales will be paid a license fee for the use of Racal Instruments’ trade name for a period of 20 years.
According to a statement, the Thales group considers Thales Instruments to have limited synergies with other activities in the group and that the best opportunities for Thales Instruments to pursue its growth and development lay elsewhere.
Thales Instruments is said to be an established supplier and integrator of test systems for niche markets within the radio communications, broadband, and commercial and military electronics markets.
Thales Instruments’ operations are primarily based in the United Kingdom and United States, which currently account, respectively, for 370 and 220 of the total of over 600 employees worldwide.