PHOENIX (AP) - Radyne Corp., which makes satellite and broadcast network equipment, said Thursday it will buy AeroAstro Inc., which builds small satellites and microsatellites, in a cash and stock deal totaling about $18 million.
The purchase price includes about $17.25 million in cash and $750,000 in stock. Radyne will also assume about $500,000 in AeroAstro debt.
The deal has been approved by the boards of both companies and is expected to close within the next 30 days, subject to customary closing conditions.
In 2006, AeroAstro, which is based in Ashburn, Va., reported revenues of about $12.4 million. Radyne plans to operate AeroAstro as a subsidiary with its existing management and infrastructure.
Radyne shares closed at $10.70 on Tuesday