Wärtsilä Acquires L-3 Marine Systems

Wärtsilä Corporation announces that its acquisition of the Germany based L-3 Marine Systems International (MSI) has been finalised and control of the company will be transferred to Wärtsilä with effect from 1stJune 2015.

L-3 SAM Electronics supplied and installed the equipment on Vidar jack-up vessel.

In December 2014, Wärtsilä announced that agreement had been reached to acquire MSI from NYSE-listed L-3 Communications Holdings Inc. using financing from existing cash resources and credit facilities. The transaction is valued at EUR 285 million (enterprise value). After estimated adjustments of cash, working capital, and pension liabilities, the purchase price is estimated to be EUR 295 million. The final purchase price will be determined based on closing accounts.

The acquisition received Korean merger control clearance in March and EU clearance in April.

MSI’s portfolio comprises several product brands, including SAM Electronics, Valmarine, Lyngsø Marine, Dynamic Positioning & Control Systems, Jovyatlas Euroatlas, ELAC Nautik, FUNA, GA International and APSS.

Image: SAM Electronics