COM DEV International Ltd. (CDV.TO) said it bought substantially all of the assets of Routes AstroEngineering, a privately owned, Ottawa-based company specializing in the design and manufacture of advanced instruments for space science research applications. The acquisition provides COM DEV with technologies that support its microsatellite initiative, including solar array power systems, satellite mass memory units, and detector read-out electronics.
Under terms of the transaction, which was prompted by unusual liquidity concerns at Routes, COM DEV is providing total consideration of $1.5 million in the form of assumption and discharge of certain specified liabilities of Routes. COM DEV has purchased Routes assets with a total fair market value estimated at $1.7 million, including land and building located in close proximity to its existing Ottawa facility, as well as intellectual property, equipment, receivables, inventory and work in process. The majority of former Routes employees have accepted employment with COM DEV Canada. The transaction closed earlier Thursday.
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