(Reuters) – U.S. buyout firm Carlyle Group LP (CG.O) said it agreed to buy airfield lighting group ADB Safegate from private equity group PAI Partners.
Financial terms of the deal were not disclosed. bit.ly/2u0MFMr
Reuters reported last week that Caryle was buying ADB Safegate at a valuation of about 900 million euros ($1.03 billion) including debt.
PAI Partners bought ADB from peer investor Montagu in 2013 for 208 million euros.
ADB was founded in 1920 by Belgian businessman Adrien de Backer, initially as a supplier of flood lights for theaters and sports grounds. It diversified into airfield lighting from 1947 and was acquired by Siemens (SIEGn.DE) in 1987, which eventually sold the company on to Montagu in 2009.
In 2016, PAI Partners acquired docking guidance systems specialist Safegate International for an undisclosed amount. It merged the two groups to form ADB Safegate.
Belgium-based ADB Safegate supplies visual guidance solutions from landing to parking for airplanes, including lighting systems for airport runways as well as docking and tower systems.
The transaction is expected to close in the second half of 2017, Carlyle said in a statement on Sunday.
Citi and Lazard acted as financial advisers to Carlyle on the deal, while Credit Suisse and Rothschild advised PAI Partners.