Satellite equipment maker COM DEV in advanced sale talks: sources
By Mike Stone
(Reuters) - COM DEV International Ltd, a Canadian company that has made equipment for more than 80 percent of all commercial communications satellites ever launched, is in advanced talks to sell itself, according to people familiar with the matter.
COM DEV, which has a market capitalization of C$344 million ($264 million), is working with investment bank Canaccord Genuity Group Inc on an auction process that is in its final stages, the people said this week.
Comtech Telecommunications Corp, Honeywell International Inc, L-3 Communications Holdings Inc and Thales SA are among the companies that were approached by COM DEV about a potential deal, the people added.
The sources asked not to be identified because the sale process is confidential. COM DEV, Canaccord, Comtech, Honeywell, L-3 and Thales did not immediately respond to requests for comment.
Based in Cambridge, Ontario, COM DEV designs and manufactures technology equipment sold to major spacecraft builders for use in communications, space science and remote sensing. It has facilities in Canada, Britain, the United States, India and China.
COM DEV's majority-owned subsidiary, exactEarth Ltd, provides satellite data services for global maritime surveillance. Last summer COM DEV postponed an initial public offering of exactEarth citing challenging conditions in the capital markets.
(Reporting by Mike Stone in New York; Editing by Meredith Mazzilli)
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