Cobham makes $20m on analytic solutions sale

Defence technology firm Cobham has completed the sale of its Analytic Solutions business for $350m in cash on a debt and cash free basis.

The group estimates that after costs it has generated a gain on sale including goodwill and other intangibles of approximately $20m.

In the six months ended 30 June 2011, the Analytics recorded revenue of $144.3m, EBITDA of US$14.9m and operating profit of US$13.8m.

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The sale to US firm Parsons Corporation will see a 5% dilution of Cobham's group earnings, the firm said in October.

Cobham said it was now looking for investment opportunities for the money it has made on the sale.