Leading global law firm Baker McKenzie is advising the leading defence and security contractor, QinetiQ Group PLC ("QinetiQ"), on its proposed acquisition of Manufacturing Techniques, Inc., ("MTEQ"), a specialist design, developer and manufacturer of integrated, portable and fixed sensor systems primarily for the U.S. Government, in a deal valued at up to $125 million on a debt free, cash free basis, with $105 million payable at close in cash and up to $20 million in a three year earn-out paid in cash and QinetiQ shares. The deal is subject to certain legal and regulatory conditions and is expected to close by year end.
Commenting on the deal, Helen Bradley, London Corporate Finance Head at Baker McKenzie, says: "We're delighted to be advising QinetiQ on this strategically important deal which will more than double its size in the US. For Baker McKenzie this is another great example of our UK, US and specialist colleagues working as one high-performing team delivering seamlessly across borders, enabling our client to achieve its objectives."
Nigel Major, QinetiQ's Director of M&A says: "Baker McKenzie's quality of work was excellent throughout the transaction. We were particularly pleased with the seamless way in which UK and US-based members of the team worked together, and with the professional approach of all those involved."
The Baker McKenzie team was led by Helen Bradley, supported by London based associates George Marshall, Simon Foster, Paul Anderson, trainee, Scarlett Flight and Washington based Corporate partner Marc Paul and associate Sherif Ali. [Stephens Inc. is acting as financial adviser to QinetiQ and Robert W. Baird & Co. is acting as financial adviser to MTEQ.]