Business Wire: BAE Systems announced that it has entered into a definitive agreement to acquire privately held Fairchild Imaging. BAE Systems currently owns 8.7% of the equity of Fairchild Imaging and, upon completion of the acquisition for a cash consideration of approximately $86 million, will have acquired all of the remaining outstanding equity.
"The addition of Fairchild Imaging’s advanced electronic imagery technology will support enhanced night vision capability for both airborne and land forces applications. It also progresses BAE Systems’ focus on providing our customers with higher quality image solutions with lower size, weight, and power characteristics, helping soldiers to complete their missions more safely and effectively," said Linda Hudson, president and CEO of BAE Systems, Inc.
Fairchild Imaging president Charles Arduini stated, "We look forward to becoming part of BAE Systems to further enable Fairchild Imaging to deliver our low-light scientific CMOS (sCMOS) imaging technology for the benefit of the soldier. The simultaneous low-light, wide dynamic range, high definition video of sCMOS will provide U.S. and NATO forces with the ability to see better than the enemy – in both day and night conditions."
Fairchild Imaging employs approximately 150 people at its facility in Milpitas, California, and upon successful closing of the acquisition, will become part of BAE Systems’ Electronic Solutions sector, headquartered in Nashua, New Hampshire.
The acquisition is expected to close in the first half of 2011.
Thanks to D.G. for sending me the link!
Update: WSJ gives few quick facts about Fairchiled Imaging:
Fairchild's outstanding equity is held primarily by entities affiliated with The Carlyle Group and by a number of current and former employees. In 2009 the company generated revenue of $42.6M.