Bear Stearns in $1.1 Billion Aeroflex Sale to Veritas

May 25, 2007

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.