Veritas Capital Pays $525 Million for CPI International

New York-based private equity firm Veritas Capital said it will pay $525 million for telecom equipment manufacturer CPI International, Reuters reported. The firm will pay $19.50 per share in cash, representing a 35% premium over CPI’s closing price Wednesday. Palo Alto, Calif.-based CPI makes microwave and radio-frequency products for defense, communications and other industries. The firm was previously an acquisition target for its rival Comtech Telecommunications, which offered $372 million for the company before dropping the bid three months ago, Reuters said.

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