U.S. group Advent wins $5 billion battle for Britain's Cobham

U.S. group Advent wins $5 billion battle for Britain's CobhamU.S. private equity firm Advent International won its battle to buy Britain's Cobham for $5 billion on Monday, taking advantage of the weak pound to pounce on the defence and aerospace group that pioneered air-to-air refuelling. Chairman Jamie Pike told a shareholder meeting the management had "pushed as hard as they could push" and engaged in some "arm wrestling" before finally settling on a price that marked a 50% premium to the three-month average share price before the deal was announced. Cobham, based in Wimborne Minster, south-west England, is the latest European company to be bought by a private equity firm seeking a home for their bumper cash balances.


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