By Colin Kellaher
TransDigm Group has agreed to buy the electron device business of privately held Communications & Power Industries for about $1.385 billion in cash.
TransDigm on Thursday said the business, which makes electronic components and subsystems primarily serving the aerospace and defense market, had revenue of about $300 million for its fiscal year ended Sept. 30 and employs around 900 people.
TransDigm, a Cleveland producer of engineered aircraft components, said it expects to complete the acquisition by the end of its third fiscal quarter of 2024, adding that it plans to fund the deal with cash on hand and new long-term debt.
Communications & Power Industries is a portfolio company of middle-market private equity firm Jordan Co.
Write to Colin Kellaher at colin.kellaher@wsj.com
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