FFW advises on takeover of British defence specialist
25 May 2006
Field Fisher Waterhouse (FFW) has advised British defence
specialist, TRL Electronics Plc, on its takeover by L-3
Communications Group Plc, an American-based defence electronics
company.
L-3 has agreed to buy the company for £90 million. The
deal is almost certain to succeed as L-3 has received irrevocable
undertakings to accept from over half of TRL’s shareholders.
L-3 provides intelligence, reconnaissance and surveillance
systems, secure communications systems, aircraft
modernisation, training and government services. TRL, which
specialises in encryption and electronic counter measures, reported
sales of £14 million for the half year to September 2005. By
acquiring TRL, L-3 will increase the capability of its
existing secure communications business at a time when significant
growth in the market for surveillance products and electronic
counter measures is forecast.
FFW advised on the flotation of TRL on AIM two years ago and
since then the company’s shares have tripled in value.
This latest deal reflects the strength of FFW’s corporate
finance group and follows recent M&A transactions, including
Arriva’s £129 million disposal of its vehicle rental
business.
The deal was led by FFW corporate partners, Robert Wieder and
Anthony Brockbank.
TRL Electronics was also advised by Investec Investment
Banking. L-3 was advised by Lehman Brothers and
Macfarlanes.
For further press information, please contact:
Ben Girdlestone, Communications Manager, Field Fisher
Waterhouse on +44 (0)20 7861 4960
Louise Eckersley, PR Executive on +44 (0)20 7861 4120