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Cobham plc said it has acquired wireless communications systems provider Axell Wireless Limited for up to $130.5 million, expanding its portfolio of antenna products and offerings to the public safety market.
Terms of the deal between the two British companies include an initial $92.1 million payment and a potential $38.4 million earn out provision payable in during 2014 and 2015 based on future performance. Cobham said that it is paying between nine and 10 times Axell's earnings before income taxes, depreciation and amortization.
Axell had about $61.4 million in sales last year, with about 75 percent of its business in Europe, the Middle East and Africa, and the …