Holland & Knight Advises MTEQ in Acquisition by British Defense Contractor QinetiQ
Tysons, Va. (October 4, 2019) – Holland & Knight advised sensor technology company Manufacturing Techniques, Inc. (MTEQ) in its $105 million sale to British defense contractor QinetiQ. The deal includes an earn-out of up to $20 million dependent on financial performance over a three-year period. The agreement, which is subject to legal and regulatory approvals, was announced on October 2.
MTEQ is a privately-owned business employing around 360 people who provide innovative technical solutions for the U.S. Department of Defense, law enforcement, the intelligence community and commercial customers.
QinetiQ is a leading science and engineering company operating primarily in the defense, security and aerospace markets. The acquisition of MTEQ will double the size of QinetiQ's operations in the U.S.
Holland & Knight Partner Adam August and Associates Lauren Benny and Simone Dallaire represented MTEQ in the deal. They were assisted by Partner Antonia Tzinova and Associate Andrew McAllister, who advised on international trade and industrial security issues, including obtaining CFIUS approval.
More information about the transaction can be found here.