NEW YORK CITY, 15 August 2006. L-3 Communications has agreed to acquire Nova Engineering (Nova) for $45 million in cash, plus an amount not to exceed $10 million contingent upon Nova's future financial performance.
The business is expected to generate annual sales of approximately $40 million for the year ending December 31, 2007, and will be included in L-3's Command, Control, Communications, Intelligence, Surveillance and Reconnaissance (C3ISR) reportable segment.
The acquisition is expected to be completed in the third quarter of 2006, subject to customary closing conditions.
Located in Cincinnati, Ohio, Nova designs and manufactures communication systems for network-centric warfare and technology-driven applications. Its businesses include unattended sensor communications systems, military test and training range instrumentation, and wireless modems.
Nova provides software defined radios and technology for the Department of Defense (DOD) and aerospace prime system integrators, and develops application-specific digital and radio frequency (RF) chip technologies.
Nova Engineering products are used with air vehicles, weapons, unmanned aerial vehicles (UAVs), and space programs, and are used by the DoD, the Special Operations Command (SOCOM), aerospace prime system integrators, the intelligence community, first responders, and industrial customers.
