Thales S.A. (ENXTPA:HO) entered into a Memorandum of understanding to acquire Cobham Aerospace Communications from Cobham Limited for an enterprise value of $1.1 billion.

Thales S.A. (ENXTPA:HO) entered into a Memorandum of understanding to acquire Cobham Aerospace Communications from Cobham Limited for an enterprise value of $1.1 billion on July 12, 2023. The Enterprise value is based on debt free/cash free assuming normative working capital level. Thales will finance this acquisition through its available cash resources.

Employee representative bodies of both Thales and Cobham Aerospace Communications will be consulted as part of the project. The transaction is subject to customary merger control and regulatory approvals completions and closing of the transaction is expected during the first half of 2024. The transaction will be EPS accretive, pre-synergies, as of the first year post closing.

As of March 25, 2024, French antitrust approved the deal. BofA Securities Europe SA acted as financial advisor to Thales S.A. (ENXTPA:HO). Jean-Baptiste Cornic of Weil, Gotshal & Manges LLP, Paris provided legal counsel to Cobham Limited.