Cleary Gottlieb is representing Bear Stearns as financial advisor to Aeroflex Incorporated in Veritas Capital’s acquisition of Aeroflex. The all cash transaction, valued at approximately $1.1 billion, was announced on May 25.
Veritas made its bid for Aeroflex during the “go-shop period” provided for in a previously executed merger agreement between Aeroflex, General Atlantic and Francisco Partners. Bear Stearns offered “stapled financing” to bidders during the go-shop period. Aeroflex terminated the merger agreement with General Atlantic and Francisco Partners and paid a termination fee in connection with accepting the Veritas bid.
Aeroflex is a global provider of high-tech solutions to the aerospace, defense, cellular and broadband communications industries.