The private equity firm Aurora Capital Group last Friday said it has agreed to acquire National Technical Systems [NTS], a provider of engineering services to the aerospace, defense, telecommunications and other industries.
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| Lightning simulation on nose cone. Photo: NTS |
Aurora said it will pay $23 per share for NTS, a nearly 39 percent premium to the company’s closing stock price last Thursday. NTS’ shareholders are expected to meet no later than Oct. 31 to consider and vote on the merger agreement.
The deal “will allow NTS and our employees to continue to grow and excel as the preeminent independent testing and engineering services organization in North America,” Aaron Cohen, NTS founder and vice chairman, said in a statement.
If the merger is approved, which is expected by the end of 2013, NTS will cease to trade its stock as a public company. The company had $184. 5 million in sales and net income of $4.4 million last year.
Houlihan Lokey served as NTS’ financial adviser on the deal.