LONDON, September 30, 2011: Ultra Electronics Holdings plc announced yesterday that it has acquired AEP Networks Ltd. (AEP) for an initial cash consideration of $57.5m. A further sum of up to $17.5 million will be paid to the vendors based on financial results to 31 December 2011. The vendors were management, who have signed service agreements with Ultra, venture capital companies and private investors. AEP is a leading supplier of secure network communication solutions. AEP's proprietary products are accredited by CESG/GCHQ, the UK government's national technical authority for secure electronic communications.
Morgan Lewis advised AEP on the transaction. The deal team was led by partner Keith Black (M&A), along with partners Kate Habershon (Tax) and Chris Hitchins (Employment) in London, as well as partner Emilio Ragosa in the United States.
For more information about the transaction, please see Ultra's press release.