BAE Systems enters into agreement to buy leading cyber and intelligence company ETI A/S
Farnborough, England - BAE Systems has entered into a definitive agreement to acquire ETI A/S for cash consideration of DKK 1.2 billion (approximately £137 million). ETI is a leading cyber and intelligence company providing advanced technology products and services to government and commercial clients worldwide.
ETI generated sales of DKK 347 million in the year to June 2010 and employs approximately 260 people. It is headquartered in Denmark with operations in the UK, US, and the Asia and Middle East regions.
The acquisition of ETI supports BAE Systems’ strategy to grow its security services business in cyber and intelligence. It follows the acquisition of Detica in 2008 and the recently announced agreements to acquire L1 Identity Solutions, Inc’s Intelligence Services Group in the US and stratsec.net in Australia.
Ian King, Chief Executive BAE Systems, said: “The combination of Detica and ETI will create a strong competitor well positioned to offer customers an extensive range of cyber and intelligence services.”
The acquisition is conditional, among other things, upon receiving regulatory approval and is expected to close in the first quarter of 2011.
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