Ametek to snap up Abaco Systems in $1.35bn deal

Electronic instruments specialist Ametek is to acquire fellow US firm Abaco Systems in a $1.35bn all-cash deal, it was announced on Monday.

Ametek will acquire Abaco, a specialist in embedded computing systems for the aerospace and defence markets, from private equity firm Veritas Capital. Huntsville, Alabama-based Abaco has annual sales of around $325m.

David Zapico, Ametek chief executive, said: "[Abaco’s] market leading embedded computing solutions are ideally positioned across a number of attractive aerospace and defence platforms, further broadening our differentiated product offering serving these markets."

The deal, which is subject to regulatory approval, is expected to close mid 2021.