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Ultra Electronics Buys Virginia's 3 Phoenix Inc.

2/19/2014 2:53 AM ET

Ultra Electronics Holdings plc (ULE.L), a defense, security, transport and energy company, Wednesday said it acquired 3 Phoenix Inc. to complement its Tactical & Sonar Systems Division.

The purchase price, comprising an initial cash consideration of $70 million, with additional payments of up to $17 million to be due subject to earnings growth over the next 3 years, will be funded using existing facilities.

3 Phoenix Inc or 3Pi, a supplier of specialist sonar, radar, intelligence, surveillance and reconnaissance products, is said to have delivered real-time sensor and processing systems, primarily to the U.S. Navy, as well as commercial customers. 3Pi has 182 employees and all of its management will stay with the business.

The acquired business, whose integration with Ultra's Tactical & Sonar Systems Division will occur in 2014, is expected to be accretive to earnings in 2015.

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by RTT Staff Writer

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