Mercury Systems (Nasdaq: MRCY) has agreed to acquire Alpharetta, Ga.-based large area display technology developer American Panel Corp. for approximately $100M in a push to expand its avionics capabilities and C4I business.
Mercury said Tuesday it expects the transaction to be finalized in the first quarter of fiscal 2020, subject to net debt and working capital adjustments.
“Our previous acquisitions of CES, Richland Technologies and GECO Avionics focused on providing highly specialized, safety certifiable avionics processing capabilities. APC complements these capabilities by providing very advanced, ruggedized displays for the military aerospace, ground vehicle and commercial aerospace markets,” said Mark Aslett, president and CEO of Mercury Systems.
“Acquiring APC adds unique capabilities to our growing avionics platform and positions us to play a larger role in military digital convergence,” he added.
APC offers display products for military and commercial aircraft and military vehicles. The company’s platforms have been deployed on F-35, F-15, F-18 and F-16 fighter aircraft as well as on the U.S. Army’s Apache helicopter and M1A2 Abrams battle tank.
Mercury also announced that it generated $654.7M in revenues for the full year fiscal 2019 ended June 30, reflecting a 33 percent increase from the prior fiscal year.
The company also posted $241.3M in total bookings for the fourth quarter of FY 2019 with a Q4 book-to-bill ratio of $1.36. Total backlog was $625.4M.