StockMarketWire.com - Ultra Electronics said it had agreed to sell its airport systems business to ADB Safegate for £22m.

The price included a £2m deferred payment, which would be made following the transfer of certain commercial contracts.

Transaction proceeds would be retained and used for general corporate purposes,' Ultra said.

The deal was expected to completed by 31 January.

'Although Airport Systems has been a part of Ultra for some time, it has little customer, process or technology commonality with the rest of the group,' chief executive Simon Pryce said.




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