UK defence buyout is Exhibit A for cash glut edwardcropley
U.S. private equity group Advent International agreed to buy UK-based defence and aerospace group Cobham for 4 billion pounds, the British company said on July 25.
Cobham shares jumped 35% to 165.7 pence by 0856 GMT, a touch higher than Advent’s recommended 165 pence per share offer, a 34% premium to Cobham's share price on July 24. Units of Blackstone will invest alongside Advent, according to Cobham's statement, and a group of lenders will provide debt facilities totalling 2.5 billion pounds.
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