NEUILLY SUR SEINE, France --- Thales and an investor group led by Shah Capital Partners have today finalized the sale of most of Thales’ navigation activities. Under the agreement, Shah Capital Partners acquires Thales Navigation for 170M$ and will rename the company Magellan Navigation, Inc.
Thales Navigation is a leader in the consumer, survey, GIS, and OEM GPS navigation and positioning markets. The company is the creator of the Hertz NeverLost car navigation system, the award-winning Magellan RoadMate series portable car navigation systems, and ProMark, the best-selling single frequency GPS survey family on the market. The company has approximately 600 employees located in San Dimas and Santa Clara (California, US), Moscow (Russia) and Nantes (France).
The group of investors led by SCP in this transaction includes Tudor Group, Galleon Management, Consolidated Press Holdings, AIG SunAmerica, and Westwood Holdings.
Thales is a leading international electronics and systems group, serving defence, aerospace and security markets worldwide, supported by a comprehensive services offering. Thales employs 60,000 people in 50 countries and generated revenues of EUR 10.3 billion in 2005, with a record order book of over EUR 20 billion.
Shah Capital Partners (SCP) is a technology private equity firm, which brings unique strategic and financial expertise to build long-term equity value in partnership with experienced management teams. Founded in 2003, Shah Capital Partners and its related entities have completed six acquisitions since inception.