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NEWSWIRE
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UK's Cobham to acquire U.S.'s GMS for EUR 17mln |
27.08.2008 
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WIMBORNE, UK--Aerospace and defense firm Cobham, based here, has reached an agreement to buy the U.S.-based GMS, a unit of the Allied Defense Group and maker of video surveillance systems and high definition wireless video technologies, for a cash consideration of USD 26mln or approximately EUR 17mln.
The deal is subject to customary closing condition and approval from the Committee on Foreign Investment in the U.S. and is expected to be completed before the end of this year. GMS, which is based in Carlsbad, Calif., will be incorporated into Cobham's avionics and surveillance division.
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In a prepared statement, Cobham said the deal provided opportunities for "synergistic growth," and "access to a wider customer base," while creating a physical presene on the West coast of the U.S. for its intelligence and surveillance business.
"The acquisition of GMS adds proven engineering capability, complementary technologies and exciting opportunities for accelerating growth in the wider homeland security market through our law enforcement and national security business," said Cobham CEO Allan Cook.
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