REMEC Defense & Space Acquired for $260M

San Diego-based REMEC's Defense & Space subsidiary is being acquired by UK-based Chelton Microwave Corp for $260M in cash. REMEC Defense & Space is a developer of advanced microwave products for defense and avionics. The company's products are used in missile, radar, electronic warfare, communications, and navigation and identification systems and has over 1000 employees in San Diego. The deal is expected to close in Q1 of 2005. REMEC was represented by Needham & Company and Jeffries Quarterdeck.