Mercury Systems Inc. a leader in secure mission-critical technologies for aerospace and defense, has announced the completion of its acquisition of Physical Optics Corporation (POC). Based in Torrance, California, POC is a designer, developer and integrator of advanced technologies primarily focused on avionics & mission subsystems for defense applications.
Pursuant to the terms of the definitive agreement applicable to the acquisition, Mercury acquired POC for a purchase price of $310 million, subject to net working capital and net debt adjustments. The acquisition was funded through a combination of cash on hand and Mercury’s existing revolving credit facility.
“We’re pleased that this transaction was completed on schedule; the next step is executing a seamless integration,” said Mark Aslett, Mercury’s president and chief executive officer. “The acquisition is directly aligned with our strategy and will enable us to deliver more complete, pre-integrated avionics subsystems to our customers. We welcome the POC team to the Mercury family.”
“This acquisition broadens our avionics product and technology portfolio to help our defense Prime customers, the U.S. Navy, Army and Air Force deploy next-generation open-architecture mission computing solutions,” added Amela Wilson, senior vice president, Mercury Mission. “Similar to Mercury, POC is well-positioned in faster-growing segments of the defense market and benefits from secular growth drivers, such as supply chain delayering. Together, Mercury and POC can provide customers new capabilities and subsystem solutions.”
