Thales Sells Navigation Div.
SANTA CLARA, Calif. & PARIS, July 25, 2006 -- Thales agreed last week to sell its Thales Navigation Div. to an investment group led by Santa Clara-based technology private equity firm Shah Capital Partners (SCP) for $170 million.
Thales Navigation makes the Magellan Roadmate series of portable car navigation systems and other vehicle and hand-held navigation devices. It is a division of global electronics company Thales and has its headquarters in San Dimas, Calif.
The transaction is expected to close in the third quarter of 2006, SCP said in a statement. The new company will be named Magellan Navigation Inc. and will remain in San Dimas.
Co-investors with SCP in the transaction included Tudor Group, Galleon Group, Consolidated Press Holdings, AIG SunAmerica and Eli Broad. For more information, visit: www.shahcap.com
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