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  • Friday, April 26, 2024

Report: Ametek in Talks to Buy Veritas Capital’s Abaco Systems for $1.5B

Ametek (NYSE: AME), a Berwyn, Pennsylvania-based electronics instruments maker, is in advanced negotiations with private-equity firm Veritas Capital to acquire the latter’s Abaco Systems for up to $1.5 billion, Bloomberg reported Monday.

Bloomberg cited sources that say a decision could come as soon as this week.

In December 2015, Veritas acquired General Electric’s (NYSE: GE) embedded technology and systems business, which changed its name from GE Intelligent Platforms to Abaco Systems after the transaction.

Huntsville, Alabama-based Abaco Systems manufactures rugged embedded computing and electronic systems and operates in information processing, aviation systems and network communications, among other sectors.

Veritas announced in January that it agreed to acquire Perspecta (NYSE: PRSP) through a $7.1 billion all-cash transaction. The following month, the firm and Evergreen Coast Capital struck a $2.8 billion purchase deal for Cubic (NYSE: CUB).

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