PALO ALTO, Calif., August 10 /PRNewswire-FirstCall/ -- Communications & Power Industries, Inc. (CPI), a leading provider of microwave, radio frequency, power and control solutions for critical defense, communications, medical, scientific and other applications, has completed its acquisition of Malibu Research Associates, Inc., a leader in the design, manufacture and integration of advanced antenna systems for radar, radar simulators and telemetry systems, as well as for strategically vital data links used in ground, airborne, unmanned aerial vehicles (UAV) and shipboard systems.
Under the terms of the acquisition, which was previously announced on June 28, 2007, CPI, a subsidiary of CPI International, Inc. (Nasdaq: CPII), purchased all outstanding common stock of Malibu Research Associates, a privately held company, for approximately $22.0 million in cash. The acquisition was funded entirely from CPI's cash on hand. CPI has agreed to make up to $15.0 million in additional earnout payments, which are primarily contingent upon the achievement of certain financial objectives over the three years following the acquisition. Malibu Research Associates will remain headquartered in Camarillo, Calif., where it will operate as an independent division of CPI. The division manager of Malibu Research Associates will report directly to Bob Fickett, president and chief operating officer of CPI.
The acquisition will expand CPI's product offering to both new and
existing customers in the radar, electronic warfare and communications
markets. Malibu Research Associates' customers include major aerosp
|SOURCE CPI International, Inc.|
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