Cobham Plc agreed to buy Aeroflex Holding Corp. for $920 million in cash as the world’s No. 1 manufacturer of warplane-refueling gear makes its biggest-ever acquisition to expand in commercial markets.

Cobham is offering $10.50 a share, and will also take on $540 million of debt, the Wimborne, England-based company said today in a statement. Aeroflex, a manufacturer of radio and microwave products and test equipment with its headquarters in Plainview, New York, closed at $8.31 yesterday.

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