Cobham, a global technology company backed by private equity firm Advent International, is considering acquiring Andover, Massachusetts-based defense electronics supplier Mercury Systems (NYSE: MRCY), Bloomberg reported Wednesday.
U.K.-based Cobham eyes Mercury as a potential acquisition target after the latter’s board of directors moved to explore strategic alternatives.
Advent Managing Partner and Cobham Chairman Shonnel Malani described Mercury as “the perfect fit” during an interview with Bloomberg and said he believes private capital could play a key role in the defense market.
Boston-headquartered Advent acquired the British contractor in 2020 for nearly $5 billion. In 2022, the investment firm purchased Ultra Electronics, which makes electronics for the defense sector, and signed an approximately $6.4 billion cash deal to buy satellite imagery provider Maxar Technologies (NYSE: MAXR).
Mercury shares opened higher on Thursday at $57.75, compared to a previous close of $49.98.
