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Advent International agree to buy UK engineer Cobham for $5 billion

Christian Fernsby |
U.S. private equity group Advent International has agreed to buy defence and aerospace group Cobham for 4 billion pounds ($5 billion), the British company known for pioneering air-to-air refuelling technology, said on Thursday.

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The offer of 165 pence in cash for each Cobham share represents a 50.3% premium to the average share price over the last three months, Cobham said.

Cobham Chief Executive David Lockwood has focused on improving the company's financial and operating performance for the last two and a half years after a string of profit warnings had left it in a precarious position.

"This offer reflects the potential for future growth and improving performance, and is an endorsement of our turnaround strategy and our hard working people," he said.

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