Ametek (NYSE: AME) has agreed to acquire Abaco Systems, a portfolio company of Veritas Capital that supplies embedded computing technology to the aerospace and defense sectors, for approximately $1.35 billion in cash.
Berwyn, Pennsylvania-based Ametek said Monday it expects to close the transaction by midyear, pending regulatory clearances and other customary closing conditions, and plans to integrate Abaco will into Ametek’s electronic instruments business group upon the deal’s closure.
Abaco is headquartered in Huntsville, Alabama, manufactures rugged open architecture systems designed to function in extreme operating environments and generates an estimated $325 million in annual sales.
The former GE embedded technology and systems business launched as an independent company in December 2015 following its acquisition by Veritas Capital.
