Astronics Corp. (Nasdaq: ATRO) has purchased AeroSat Corp. for $12 million.
Nasua, N.H.-based AeroSat supplies aircraft antenna systems for commercial transport, business jets and military aircrafts. The antennas enable satellite and ground-based communication to aircrafts.
Astronics, headquartered in Portland, Ore., provides technology to the aerospace and defense industries that allows passengers to power electronic devices, as well as aircraft lighting, training and simulation products and enhanced vision systems.
The buyer says AeroSat’s antenna systems will allow it to begin offering broadband connectivity as one of its services.
The deal also includes the potential for an earnout between $5 million and $20 million, which will be due if AeroSat’s 2014 revenue exceeds $30 million and 2015 revenue exceeds $40 million.
Raymond James acted as financial adviser to AeroSat on the deal.
In May, Astronics picked up Peco Manufacturing Inc., a company that makes interior components for aircrafts. Other recent aerospace deals include Directional Aviation capital’s purchase of Bombardier Inc.’s Flexjet unit, and Bel Fuse Inc.’s (Nasdaq: BELFA, BELFB) acquisition of Array Connector Corp.
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