CAE (NYSE: CAE) has agreed to acquire the commercial aviation training business of Lockheed Martin (NYSE: LMT) for an undisclosed sum with no timeframe given for the transaction’s projected closure.
Montreal-based CAE said Monday said it seeks to expand its customer-installed base of commercial flight simulators and add new assets such as full-flight simulators, simulator parts and equipment, facilities, technology and additional employees.
“We look forward to servicing an expanded customer installed base with this relatively small bolt-on acquisition and view positively the opportunity to pick up certain useful assets and to create synergies with our existing business, ” said Marc Parent, CAE president and CEO.
Conditions in the acquisition agreement include employee-related consultation procedures and regulatory approvals.
