L-3 Communications has announced that it has entered into an asset purchase agreement (APA) to acquire certain assets of Implant Sciences Corporation for $117.5 million in cash, plus the assumption of specified liabilities.
In accordance with the APA, L-3 will acquire Implant’s explosives trace detection (ETD) business.
“L-3’s leadership across a broad scope of security and detection technologies will be enhanced by these assets, supporting our strategy to provide our customers with scalable, integrated solutions that meet the evolving global demand,” says Michael T. Strianese, L-3’s Chairman and Chief Executive Officer.
Wilmington, MA based Implant recently entered into Chapter 11 Bankruptcy protection. The sale and L-3’s role as purchaser will be subject to approval by the U.S. Bankruptcy Court.
