World News: Hexagon to acquire NovAtel for US$390m

World News:  Hexagon to acquire NovAtel for US$390m

Hexagon has signed a definitive agreement to acquire all the outstanding shares of Calgary, Canada-based NovAtel for approximately US$390 million.

NovAtel provides precision GNSS components and subsystems – OEM products include receivers, enclosures, antennae and firmware that are integrated into high precision positioning applications worldwide.

NovAtel's reference receivers are also at the core of national aviation ground networks in the US, Japan, Europe, China and India.

NovAtel has been a core supplier of high-precision GNSS technologies to Hexagon subsidiary, Leica Geosystems, since 2002.

“The acquisition of NovAtel will enable Hexagon to accelerate the development of new applications and markets within the GNSS sector and secure an exciting, rapidly growing core business,” said Hexagon president & CEO Ola Rollen.

The acquisition agreement has been approved by NovAtel's board of directors and is fully supported by NovAtel's senior management.

Completion of the transactions is expected during the fourth quarter of 2007 and is subject to customary regulatory approval, minimum tender and other conditions.

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