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Spirent Communications Plc Announces Disposal Of Systems Division For $64 million

Monday, 24 Sep 2012 03:30am EDT 

Spirent Communications Plc announced that it has agreed to sell the assets and liabilities of its Systems Division, which trades as PG Drives Technology (PG Drives or Systems) to Curtiss-Wright Corporation (Curtiss-Wright) for a total cash consideration of $64 million on a cash free and debt free basis, subject to certain customary adjustments and closing conditions. The transaction is expected to complete during October. PG Drives is a leading global designer and supplier of DC and AC controllers for specialist electric vehicle applications in the medical mobility and industrial markets. The net proceeds from the sale after tax and expenses are expected to be approximately $61 million and it is envisaged that they be returned to Spirent's shareholders by way of an on market share buyback. 

Company Quote

0.02 +0.30%
25 Jul 2014