Last checked at 7 Mar 2016 15:20
7 March 2016
Cohort plc
("Cohort" or "the Group")
Update re: Acquisition of Portuguese defence business
Further to its announcement on 29 January 2016, Cohort, the independent technology group, is pleased to announce that its proposed acquisition of a controlling stake in Empresa de Investigação e Desenvolvimento de Electrónica, S.A., ("EID") has received approval from the Portuguese competition authority (Autoridade da Concorrência).
Cohort's aim remains to acquire a majority stake in EID and we continue to work towards that aim. The new Portuguese government has indicated that it wishes to retain part of its existing holding in the company. Discussions are underway to agree the terms of the relationship between the two future shareholders, and Cohort will make a further announcement in due course.
Ends
For further information please contact:
Cohort plc | 0118 909 0390 |
Andy Thomis, Chief Executive |
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Simon Walther, Finance Director |
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Investec Bank plc | 020 7597 5970 |
Keith Anderson / Daniel Adams |
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MHP Communications Limited | 020 3128 8100 |
Reg Hoare / Jamie Ricketts / Ollie Hoare |
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NOTES TO EDITORS
Cohort plc
Cohort is an independent technology group working primarily for defence (air, land and sea), wider government and industry clients, through four market-facing subsidiary companies:
MASS - a specialist systems house with a focus on electronic warfare operational support, cyber defence and secure information systems. Based in Cambridgeshire, MASS was acquired by Cohort in August 2006;
MCL - an expert in sourcing, design and integration of surveillance and other electronic systems, as well as field support and training for the UK MOD and other government agencies. Based in Surrey, MCL has been part of the Group since July 2014;
SCS - a defence technical advisory business, providing a range of services, including independent technical evaluation of military aircraft safety, and design and delivery of large and small scale military training exercises. Owned by Cohort since flotation in March 2006;
SEA - an advanced systems and software business operating in the defence (naval systems, simulation, training and technology research), transport and offshore energy market sectors. Acquired by Cohort in October 2007.
Cohort was admitted to London's Alternative Investment Market in March 2006. It has its headquarters in Berkshire and employs in total around 650 core staff there and at its other operating company sites in Bristol, Cambridgeshire, Devon, Lincolnshire, Somerset, Surrey and Scotland.
EID
EID is a Portugal based supplier of advanced electronics, communications, command and control products and systems for the global defence market.