PARIS (Reuters) - French investment fund HLD Europe has entered into exclusive negotiations with London-based IK Investment Partners to buy a majority stake in Exxelia, a manufacturer of components in the space and defense industries, the companies said on Wednesday.
HLD Europe’s planned purchase of Exxelia would give the company an enterprise value of around 500 million euros ($553.85 million), a source with knowledge of the deal told Reuters.
Exxalia’s products are commonly used for power electronics, power generation and energy storage in areas such as aviation, defense, space, medical, railway, oil and gas and telecommunications.
The company’s 2019 revenues are expected to be around 170 million euros.
Reporting by Benoit Van Overstraeten; Editing by Sarah White