Thales Purchased Magellan and NavSol
Thales, France, will acquire all of Orbital Sciences’ (Dulles, Va.) satellite navigation and positioning businesses for approximately $70 million. Magellan, Santa Clara, Ca., and NavSol, Plano, Texas, are major subsidiaries involved in the transaction. The transaction also included Ashtech Precision Products.
Thales specializes in GPS equipment for the European market. In the United States, Magellan is one of the leading global suppliers of GPS equipment and NavSol is in charge of Hertz satellite-based car navigation service. The acquisition of Magellan and NavSol is part of Thales’ plan to increase sales and growth on a worldwide basis. The two subsidiaries combined generated $114 million in 2000.
Orbital plans to use the profit gained from the sale to reduce debt and boost cash reserves. The transaction is expected to close by the end of June 2001.