CAMBRIDGE, ON, Dec. 31, 2014 /CNW/ - COM DEV International Ltd. (TSX: CDV), a global designer and manufacturer of space hardware and subsystems, announced today that it has completed the purchase of 100 percent of MESL Microwave Ltd. for £12.8 million as expected, and as previously described in its press release of December 12, 2014.
The purchase price, which represents an EBITDA multiple of 8.5x projected full year EBITDA has been financed by a combination of cash on hand and additional borrowings under the Company's previously expanded credit facility.
Advising the Company on this acquisition transaction were CanaccordGenuity and The Black Box Institute, both based in Toronto, with legal advisors including Gardiner Roberts, LLP in Toronto, and Lindsays in the UK.
About COM DEV
COM DEV International Ltd. (www.comdev.ca) is a leading global provider of space hardware and services. The company has a staff of 1,200, annual revenues of $216 million, and facilities in Canada, the United Kingdom and the United States. COM DEV designs manufactures, and integrates advanced products, subsystems and microsatellites that are sold to major satellite prime contractors, government agencies and satellite operators, for use in communications, space science, remote sensing and defence applications. The company has won contracts to supply its equipment on over 900 spacecraft. COM DEV's majority-owned subsidiary, exactEarth Ltd., provides satellite data services for global maritime surveillance.
This news release may contain certain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from results indicated in any forward-looking statements. The Company cautions that, among other things, in view of the rapid changes in communications markets and technologies, and other risks including the cost and market acceptance of the Company's new products, the level of individual customer procurements and competitive product offerings and pricing, and general economic circumstances, the Company's business prospects may be materially different from forward-looking statements made by the Company.
The triangular logo and the word COM DEV are each registered trademarks and the property of COM DEV Ltd. All rights reserved.
SOURCE: Com Dev International Ltd.
For further information: Media: Rob Spurrett, President, COM DEV International Systems, Tel: + 44 1296 616 401, [email protected]; Analysts: Gary Calhoun, Chief Financial Officer, COM DEV International Ltd., Tel: (519) 622-2300 ext. 2826, [email protected]; Investors: Craig MacPhail, TMX Equicom, 416-815-0700, ext. 290, [email protected]