(Bloomberg) -- Ametek Inc. agreed to purchase Abaco Systems Inc. for $1.35 billion from Veritas Capital, confirming an earlier Bloomberg News report.
The maker of electronics instruments will acquire Huntsville, Alabama-based Abaco in an all-cash transaction expected to close in mid-2021, according to a statement Monday.
“We are excited for the opportunity to acquire Abaco Systems,” David A. Zapico, Ametek's chairman and chief executive officer, said in the statement. “Their market-leading embedded computing solutions are ideally positioned across a number of attractive aerospace and defense platforms.”
Abaco, then called GE Intelligent Platforms, was bought by Veritas in December 2015 for an undisclosed sum. The company operates in a range of sectors, including aviation systems, information processing and network communications, according to its website. It has annual sales of about $325 million, according to Monday's statement.
Veritas, which raised its first fund in 1998, focuses its deals on businesses that interact with the government, including in aerospace, defense and technology, according to its website. The firm announced in January that it was acquiring Perspecta Inc. in a deal valued at $7.1 billion and in February that it was part of a deal for Cubic Corp.
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Ametek has a workforce of 17,000 in more than 150 locations in 30 countries, according to its website. The stock climbed 75% in the past year, compared with the 62% increase in the S&P 500 index, giving the Berwyn, Pennsylvania-based company a market value of $27.9 billion. It was little changed in early trading in New York.
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