In July 2006, Cypress was engaged by COM DEV, a leading global designer and manufacturer of space hardware subsystems, to advise and evaluate strategic acquisition opportunities to expand the Company’s presence in the United States; specifically, investing in a U.S. defense platform to aggressively pursue U.S. defense and civil space programs.

Cypress evaluated a number of potential targets and assisted in exploring, both on an informal and formal basis, transactions with several parties.

The Passive Microwave Devices Business residing within L-3’s Electron Technologies was identified to have an established U.S. market presence with a number of legacy and prospective contracts on major ongoing US government and commercial satellite programs in addition to a strong base of engineering talent and infrastructure.

Cypress advised COM DEV in all phases of the transaction including, among others, the structuring and negotiations with L-3, financial and program-level due diligence, valuation and formulation of the asset purchase agreement.

As a result of the acquisition, Com Dev was able to forego millions of dollars in capital expenditures previously estimated to be required to fund the build-out of its California operation as well as significantly accelerate its business plan.