Ultra Electronics buys satellite firm

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Ultra Electonics, a technology company with interests in defence, transport and energy, has acquired satellite company Giga Communcations along with its associated businesses in Australia and the US.

The £12.4m initial cash consideration will be followed by an additional £24.6m, subject to earnings growth over the next two years.

British-based Giga develops, manufactures, sells and supports fixed, mobile and transportable satellite earth stations. The company has recently received type approval to operate terminals on both the US Defense Satellite Communications System and the Wideband Global Satellite and has received contracts from the US Department of Defense.

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The acqusition is being financed through Ultra's existing funds and is set to become earnings enhancing in the current calander year.

The share price fell 1.49% to 1,651p by 13:57.

NR