Advent-backed Cobham in talks to sell AeroComms to Thales

• AeroComms is based in Paris, France
• Thales is a developer of technologies within defence and security, aeronautics and space, and digital identity and security
• Advent is a global private equity investor based in Boston, Massachusetts

Thales has entered exclusive negotiations to acquire Cobham Aerospace Communications (AeroComms), from Advent International-backed Cobham Group, for an enterprise value of $1.1 billion.

AeroComms, based in Paris, France, is a supplier of safety cockpit communication systems. The company is expected to generate around $200 million in revenues in 2023. It benefits from a diversified revenue exposure with defence customers representing about 30 percent of FY23 estimated revenue, according to a release.

The transaction will be EPS accretive, pre-synergies, as of the first-year post-closing, the release said.

Thales will finance this acquisition through its available cash resources.

AeroComms’ addition is expected to generate medium-term double-digit growth per annum and accretive impact on margins in Thales, the release said.

“Our sizeable investment in R&D over the last years has further consolidated our position as a leading player in our markets, with a series of new contracts won already this year,” said Nicolas Bonleux, CEO, AeroComms. “The aircraft connectivity and communication markets will undergo a true revolution in the coming years, which will unlock potential for unique avionics products like ours.”

​Advent completed the takeover of Cobham Group in 2020.

The closing of the transaction is expected to be during the first half of 2024, subject to customary merger control and regulatory approval.

​Thales, based in Paris, France, is a developer of technologies within defence and security, aeronautics and space, and digital identity and security. The company, in 2022, generated sales of €17.6 billion.

Advent is a global private equity investor based in Boston, Massachusetts.

Cobham is a global defence and aerospace company. It is based in Dorset, UK.