October 21, 2014 / 7:06 AM / 5 years ago

BAE Systems to buy U.S. cyber security firm SilverSky for $232.5 million

LONDON (Reuters) - BAE Systems (BAES.L), Europe’s largest defence firm, said it would buy U.S.-based company SilverSky in a $232.5 million deal to boost its exposure to the commercial cyber security market.

BAE Systems said in a statement on Tuesday that the acquisition, which it will fund from existing cash resources, will be accretive to earnings in the third year following closing.

SilverSky is the trading name of Perimeter Internetworking Corp, BAE Systems said, adding that the deal would boost its own Applied Intelligence business which focuses on commercial cyber security.

“The enlarged business will offer corporate clients a suite of products and services to protect critical information and networks and detect cyber threats and financial crime,” BAE’s chief executive Ian King said in a statement.

“The enlarged business has outstanding growth opportunities.”

Reporting by Sarah Young, Editing by Paul Sandle

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