Canaccord Genuity advises Filtronic on the disposal of Filtronic's Defence Electronics business to Teledyne Technologies Inc.

On 1 August 2008, our client, Filtronic plc (market cap £60m) announced that it has signed a definitive agreement to sell its Defence Electronics business to Teledyne Technologies Inc. (market cap $2.2bn) for £13.0 million.Filtronic's Defence Electronics business designs and manufactures customised radio frequency, microwave and millimetre wave components and subsystems for the global defence industry and has operations in the United Kingdom and Australia. In the twelve months ended 31 May 2008, the business generated £14.5 million of revenue and £1.3 million of operating profit before exceptional items.

Teledyne is a US-headquartered provider of sophisticated electronic components and subsystems, and instrumentation and communications products. Its customers include government agencies, aerospace prime contractors, energy exploration and production companies, major industrial companies, and airlines and general aviation companies. Canaccord Genuity ran a focused sale process, targeting a small number of specialist trade purchasers and private equity houses. The final stage of the sale was completed following an accelerated due diligence timetable and was completed in two weeks.

Canaccord Genuity acted as financial advisor to Filtronic.

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