British aerospace and defence supplier Cobham is buying U.S. communications equipment maker Aeroflex Holding Corp for $920 million, continuing its quest for commercial customers as its main defence clients cut spending.Cobham said on Tuesday the deal, the biggest in its 80-year history, had seen it agree to pay $10.50 per share in cash for New-York based Aeroflex, which makes components and systems used in broadband and wireless communications.The price represents a 26-percent premium to Aeroflex's closing price on the New York Stock Exchange on Monday. The deal had a total enterprise value of $1.46 billion, including the assumption of Aeroflex's $540 million of debt.Cobham Chief Executive Bob Murphy said the deal would give Cobham a leading position in technology markets where there were high barriers to entry.
ARC Resources Ltd. (ARC) is a Canada-based conventional oil and gas company. Shares of ARX traded higher by 25.51% or $2.12/share to $10.43. In the past year, the shares have traded as low as $6.04 and as high as $8.99. On average, 89066 shares of ARX exchange hands on a given day and today's volume is recorded at 20814130.
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