TransDigm Group (NYSE: TDG) has closed its purchase of the electron device business of Communications & Power Industries, a TJC portfolio company, for approximately $1.38 billion in cash.
The CPI electron device business produces electronic components and subsystems for the aerospace and defense market through its manufacturing locations in California, Massachusetts and the U.K., and it has about 900 employees, TransDigm said Thursday.
The business recorded approximately $300 million in revenue for its fiscal year ended Sept. 29, 2023, with the aftermarket accounting for 70 percent of its revenue.
The transaction was first announced in November.
TransDigm used existing cash on hand and cash proceeds from the notes offerings to fund the acquisition.
