EADS completes deal for Vizada acquisition
EADS' Astrium Division will take over the running of Vizada as part of the deal.
The European Aeronautic Defence and Space Company (EADS) has completed business negotiations with Vizada in a deal that will see the former's Astrium Division acquire the latter.
It is expected to cost around $960 million (£584 million) and is part of EADS' Vision 2020 strategy.
Chief strategy and marketing officer at EADS Marwan Lahoud stated the move will allow the company to "balance platforms with services, develop business in North America and diversify its workforce".
Eric Beranger, chief executive officer of Astrium Services, noted Vizada is the "perfect complement" to the satellite communications portfolio it already has.
He added the link-up - which may have required negotiation skill to be successful - offers the group the opportunity of being flexible and displaying more innovation.
EADS recently reported its half-yearly results for 2011, showing an order intake that was up by 89 per cent to €58.1 million (£50 million) and an eight per cent hike in revenue.
Posted by David Gleck