Electro Optic Systems Holdings (ASX:EOS) acquires US space communications business

Company News

by Rachael Jones

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$8.200 -$1.279 -13.49%
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Last Updated: 24/02/2020 3:59 PM

Electro Optic Systems Holdings (ASX:EOS) has executed an agreement to acquire all of the business and assets of Audacy Corporation, a space communications company based in the US.

Acting through its wholly-owned US subsidiary EOS Defense Systems USA, EOSDS will outlay approximately $10 million in cash for the Acquisition including costs associated with securing mandatory US government spectrum licenses.

Until recently, EOSDS was principally focused on the establishment of US production capacity for EOS remotely controlled weapon systems and counter-unmanned aerial systems products.

They restructured last year to support a wider range of EOS business activities in the US in the areas of space, missile defence and space communications.

Shares in Electro Optic Systems Holdings (ASX:EOS) are trading 1 per cent lower at $9.75.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.