BAE says to buy Australia's Tenix
BAE Systems said on Friday it had agreed to buy Australian defence contractor Tenix Defence for up to A$775 million (343 million pounds) in cash, to boost its operations in the country.
The acquisition of privately owned Tenix Defence will more than double BAE Systems' presence in Australia, BAE said in a statement.
"This transaction significantly enhances the depth and breadth of our capabilities in Australia, adds a major naval business to our portfolio and significantly increases our land capability," Jim McDowell, chief executive of BAE Systems Australia, said in a statement.
"The combination of the two companies will enable us better to equip and support the Australian Defence Force for many years to come," he added.
BAE Systems Australia has more than 5,500 staff and annual sales of over A$1.2 billion.
Tenix Defence had proforma earnings before interest, tax, depreciation and amortisation (EBITDA) of A$56 million and sales of A$699 million, for the fiscal year ended June 2007.
Lehman Brothers advised BAE Systems on the transaction which is subject to regulator clearances.
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