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When did L-3 acquire Mustang Technology Group?
The acquisition closed on December 19, 2013, according to L-3 Communications Holdings, Inc. and L-3 Communications Corporation’s 2013 Form 10-K. L-3 acquired Mustang’s business; the filing identifies that date as the acquisition date.
How much did L-3 pay?
L-3 reported an aggregate purchase price of $54 million, financed with cash on hand. The price was subject to adjustment based on net working capital at closing, so the reported figure was not necessarily an unconditional final amount after that adjustment.
What did Mustang Technology Group make?
Mustang developed and manufactured radar-based sensors and systems for precision-guided weapons, electronic warfare, unmanned systems, and other military applications. Contemporaneous reporting said the acquired operation would do business as L-3 Mustang Technology. UPI’s December 20, 2013 account described the operating name and L-3’s stated rationale.
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Why did L-3 acquire the business?
L-3 said Mustang would add capabilities, proprietary technologies, and customers to its Precision Engagement business in the Electronic Systems segment. The company also described plans to integrate Mustang’s technologies with existing fuzing, ordnance, and unmanned-systems products, and said the deal would expand its Department of Defense and classified business base. These were L-3’s stated aims at the time, not evidence by themselves of the acquisition’s later results.
UPI attributed this statement to Michael T. Strianese, then L-3’s chairman, president, and CEO: “Mustang adds key capabilities, technical synergies, proprietary technologies and new customers to L-3’s existing Precision Engagement business in our Electronic Systems segment.”
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What did L-3 report about the acquisition’s accounting?
L-3 finalized the purchase price allocation on June 27, 2014, without significant changes to the preliminary amounts. The final accounting recorded $41 million of goodwill and assigned it to the Electronic Systems reportable segment, according to the company’s 2014 second-quarter Form 10-Q. The earlier 2013 filing had reported $44 million as preliminary goodwill; it is not the final figure.
A reproduced 2013 announcement stated that Mustang had approximately 115 employees and expected $36 million in sales for the year ending December 31, 2013. The sales number was a contemporaneous forecast, not reported actual sales. These figures appear in the announcement text reproduced by InKnowvation.
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How does the later L3 Technologies name fit?
The acquisition was announced and reported under the name L-3 Communications. The company later announced that its corporate name would change to L3 Technologies, effective December 31, 2016, in a SEC-filed name-change release. That later renaming does not change the 2013 transaction date or the acquiring company’s name at the time.
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