Thales SA, Europe's largest maker of military electronics, plans to take full ownership of ADI Ltd., an Australian defense contractor, by buying out its partner Transfield Holdings Ltd.
The acquisition of the 50 percent of ADI, based at Garden Island in Sydney Harbor, that Thales doesn't already own is conditional on approval from Australia's Foreign Investment Review Board, Thales' Australian unit said today in a statement on ADI's Web site. Transfield has agreed to the sale of its stake, it said.
ADI, which was sold by the Australian government in 1999 for A$347 million ($259 million), has annual sales of more than A$700 million and employs about 2,500 people, it says on its Web site. Thales, which is based in Neuilly Sur Seine, France, and is 31 percent owned by the French government, cut debt last year, putting it in a position to consider new acquisitions, Chief Executive Officer Denis Ranque said on Jan. 13.
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