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Date: Tuesday 13 May 2008

LONDON (ShareCast) - Aerospace and defence firm Cobham has agreed to buy the radio frequency components and sub-systems business of M/A-COM from Tyco Electronics.

Cobham is paying $425m in cash for the business, with allowable tax expenses effectively reducing the purchase price to $380m.

Cobham said M/A-COM's aerospace & defence business is highly complementary to Cobham’s Defence Electronics Systems business. The acquired business is a leading designer and manufacturer of advanced radio frequency and microwave subsystems and components. It is the best-known and one of the largest original equipment manufacturers (OEMs) of microwave subsystems and components in the world.

The commercial activities of M/A-COM will operate outside of Cobham’s operating divisions as they are considered non-core and will ultimately be sold off. The level of interest in the assets expressed to Tyco during the auction process for the sale of M/A-COM suggests that the commercial arm could be sold swiftly at a price that justifies the purchase price for the aerospace and defence assets.

In the year to 30 September 2007 M/A-COM generated operating profits of $37.9m and earnings before interest, tax, depreciation and amortisation of $62.9m on revenue of $477.7m. The aerospace and defence business comprises around 40% of M/A-COM’s revenue.

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