Firan Technology Group Corp. (FTG), a Toronto-based aerospace and defense electronics product and subsystem supplier, has entered a definitive agreement to acquire FLYHT Aerospace Solutions Ltd.

FLYHT’s portfolio includes a suite of airborne hardware products such as quick access recorders and Iridium-powered satcom — solutions in use around the world.

The cash and shares transaction is valued at roughly CAD$13.2 million (US$9.5 million), and is subject to receipt of FLYHT shareholder and court approvals, any required regulatory approvals and consents, and customary closing conditions. It is expected to close in the fourth quarter of 2024.

Upon completion of the transaction, Calgary, Canada-headquartered FLYHT will become a wholly owned subsidiary of FTG.

Mary McMillan, a satcom industry veteran who serves as interim CEO and executive chairman of FLYHT, called the deal with FTG a “milestone”.

“Our team has done an excellent job of developing the AFIRS Edge product line, the industry’s first 5G compatible wireless QAR (WQAR) and aircraft interface device (AID), while meeting our existing customers’ continued needs for high reliability satcom solutions and software applications,” she said in a statement.

“We look forward to the accelerated growth opportunities enabled by the combination of our two companies.”

Brad Bourne, FTG’s chief executive officer, added, “FLYHT is tightly aligned with our corporate development strategic objectives including dramatically increasing FTG’s aftermarket sales in the commercial aerospace market and increasing our exposure with Airbus as the FLYHT designed satcom product is a factory option on all Airbus aircraft.

“The FLYHT product portfolio is already used by some of the world’s most respected airlines and national weather agencies to meet the communications and environmental challenges they are facing today. Our shared vision, coupled with FTG’s experienced leadership, operational excellence, financial strength, and scaled platform, will support FLYHT to accelerate its growth initiatives and better serve its customers during this exciting next chapter for the company. We see an extensive runway ahead for product innovation and profitable growth for our combined teams.”

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Featured image credited to Mary Kirby