British defence contractor BAE Systems Plc (LON:BA) said it had sealed a definitive deal to buy US ship repair and conversion contractor Marine Hydraulics International Inc for some USD69m (EUR54m) in cash.
The vendor is American Maritime Holdings Inc, a provider of ship repair and maintenance services to the US Navy, commercial shipping and yacht owners and operators in the United States.
The target, which is based in Norfolk, Virginia, generated sales of USD113m last year with a staff of 400. It will be folded into BAE Systems Ship Repair business.
The transaction, which is subject to regulatory approval, among other conditions, is seen to be completed in the first quarter of 2013.
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