Thales sells GPS business

An investment group led by

(SCP) has agreed to acquire

for $170 million and rename the company Magellan Navigation.

Thales Navigation makes navigation equipment for the consumer, survey, GIS, and OEM GPS navigation and positioning markets. The company has approximately 600 employees located in the US, Russia and France.

Jean-Loup Picard, Senior Vice President for Strategy, Research and Technology, said, “The nature of consumer business being outside Thales strategic focus, we are pleased that the needs of the navigation business will be further served by Shah Capital. The sale of Navigation is a major step in Thales portfolio refocus and will be instrumental to financing external growth in other areas.”

The group of investors led by SCP in this transaction includes Tudor Group, Galleon Management, Consolidated Press Holdings, AIG SunAmerica, and Westwood Holdings.