Sept. 29 (UPI) -- German sensor house Hensoldt has acquired Britain's Kelvin Hughes, a provider of security and maritime radar solutions.
A share purchase agreement with private equity firm ECI and Hensoldt management is now in effect after all legal requirements for the acquisition were met, the German security spinoff of Airbus said in a news release Thursday.
Kelvin Hughes, which makes radar sensors along with other security and navigation products, first announced the sale in June.
"Our portfolios and market access are highly complementary and we will see significant growth from this transaction", Thomas Müller, Hensoldt's chief executive officer, said. "The Kelvin Hughes product portfolio will allow us to enter more price-sensitive markets and their security solutions will add value to the Hensoldt products and bring us one step closer towards our strategic objective to develop our Sensor House into a Sensor Solutions provider".
"To leverage the strengths of Kelvin Hughes in the security market and offer integrated solutions from our radar, optronics and electronic warfare portfolio, we have decided to create a new, independent Security Solutions product line."
Kelvin Hughes has about 200 employees. It designs, produces and markets radar sensors, mainly for maritime and security applications.
"I am proud that Kelvin Hughes becomes a part of Hensoldt," Russell Gould, chief executive officer of Kelvin Hughes said in a statement. "Both companies have shaped the radar market for seven decades and I am looking forward to the tremendous opportunities we have together and the new solutions we can jointly offer to our customers."