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Electronics instrument maker AMETEK Inc (NYSE: AME) inked an agreement to acquire Veritas Capital-owned mission-critical embedded computing system provider Abaco Systems Inc for $1.35 billion in an all-cash transaction.
Yesterday, there were reports of AMETEK buying Aback for $1.5 billion.
With annual sales of $325 million, Abaco Systems would join AMETEK's Electronic Instruments Group (EIG) with an annualized sales of $3 billion.
Abaco Systems specialized in open-architecture computing and electronic systems for aerospace, defense, and specialized industrial markets. Their ruggedized products were designed to survive extreme temperature and high vibration.
Abaco Systems' embedded computing solutions were ideally positioned across many aerospace and defense platforms, further broadening AMETEK's differentiated product offering serving these markets, as per AMETEK CEO David A. Zapico.
AMETEK's cash and cash equivalents amounted to $1.2 billion as of December 31, 2020.
AMETEK stock has gained 75% last year.
Price action: AME shares are trading flat at $120.74 on the last check Monday.
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