California, USA, 31 August 2006: An investment group led by Shah Capital Partners (SCP) has announced they have completed the acquisition of Thales Navigation, a division of Thales. The new company will be known as Magellan, and will deal in survey, GIS and OEM GPS navigation and positioning markets. Co-investors who participated with SCP in the transaction included Tudor Group, Galleon Group, Consolidated Press Holdings, AIG SunAmerica, and Eli Broad. The purchase price was $170 million, plus considerations. Further terms of the deal were not disclosed.
Shah Capital Parteners (SCP)
Shah Capital Parteners (SCP) Santa Clara, California, is a technology private equity firm, which brings strategic and financial expertise to build long-term equity value in partnership with experienced management teams. SCP develops its portfolio companies through their extensive knowledge in specific industry sectors, understanding of successful growth strategies, and operational know-how.
Magellan headquartered in San Dimas, California, is a provider of navigation and positioning solutions. The company markets its GPS products in vehicle navigation and outdoor markets, and its professional GPS and GNSS solutions in the survey, GIS/Mapping, and OEM markets that include consumer electronics, automotive navigation and high-precision applications.