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Francisco Partners Bids for Test Company
March 5, 2007 |Estimated reading time: 1 minute
PLAINVIEW, N.Y. Aeroflex Incorporated entered into an agreement with General Atlantic and Francisco Partners wherein the private equity firms would acquire Aeroflex for approximately $1B. The deal is subject to stockholder approval and closing conditions.
Aeroflex, a global provider of high-technology test, measurement, and microelectronic products, offers a strong platform, track record, and service record, said Dipanjan Deb, co-founder and managing partner at Francisco. The board of directors at Aeroflex reviewed the proposed transaction and determined that long-term capital, knowledge, and resources offered by both equity groups would fit with the company's long-term strategy. Francisco Partners recently acquired Universal, Vitronics-Soltec, and Hover-Davis from Dover Corporation, and specializes in technological and electronics investments. A summary of Francisco's involvement in the electronics sector can be found in Francisco Partners Acquires Universal, Hover Davis.
The agreement contains a provision under which Aeroflex may solicit alternative proposals from third parties through April 18, 2007. Bear, Stearns & Co. Inc. served as Aeroflex's financial advisor in connection with the transaction. Banc of America Securities LLC was also retained to provide certain additional financial advisory services to the Aeroflex board in connection with the transaction. Skadden, Arps, Slate, Meagher & Flom LLP served as the company's legal counsel. JP Morgan and Lehman Brothers Inc. are providing financing for the transaction. JP Morgan, Lehman Brothers Inc., and Deutsche Bank Securities Inc. acted as financial advisors for General Atlantic and Francisco Partners. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to General Atlantic and Francisco Partners.