Cobham has agreed to acquire U.K.-based defense contractor Ultra Electronics for approximately $3.56 billion, Reuters reported Monday.
Ultra shareholders will get 35 pounds per share, up from 28 pounds per share that U.K.-based aerospace and defense contractor Cobham initially offered for the former.
Ultra offers sensors, torpedo, radar systems, forensics software and defense communications systems and its acquisition is expected to help Cobham expand into the maritime defense market.
Cobham said it will protect and support U.K.’s national security, keep existing jobs, create engineering and manufacturing positions, offer apprenticeships, increase investment and maintain a headquarters in the country.
“Cobham recognises the specific importance of Ultra’s contribution to the UK’s economy and national security,” both parties said in a joint statement.
Cobham, which makes aerial refueling technology, became a private company after it was acquired by U.S.-based private equity firm Advent International in 2020.