U.S. private equity firm Advent acquires British electronics business Laird

U.S. private equity firm Advent International has agreed to buy British electronics and technology business Laird, valuing it at around 1.2 billion pounds ($1.65 billion) including debt.

Laird shareholders will be entitled to 200 pence in cash for each Laird share held, valuing its issued equity at around 1 billion pounds.

Laird reported an annual operating profit of 76.9 million pounds, up from 61.9 million. The company completed a 185 million pound rights issue in April 2017 that reduced borrowings and altered its capital structure to enable investment.

Advent has invested in more than 330 buyout transactions in 40 countries. It had 35 billion euros in assets under management as of September 30, 2017.