GTECH to acquire Poland-based business

GTECH, which has had a presence in Poland since 1990, will acquire 99.7 percent of the outstanding share capital of PolCard for approximately $60 million. An additional $2 million in debt will be assumed.

GTECH will hold a 62.8 percent in PolCard and Innova Capital, a Warsaw-based private equity investment advisor, will hold the remaining 36.9 stake.

The deal will not be concluded until its approved by the Polish Competition and Consumer Protection Office and the Polish Bank Association, which holds 0.3 percent in the company.

After four to six years after the closing, GTECH has the option to purchase Innova’s interest and Innova also has the right to sell its interest to GTECH.

“One of our primary objectives at GTECH is to profitably grow top line revenue and expand our transaction processing services into complementary and parallel businesses in targeted jurisdictions,” said W. Bruce Turner, GTECH’s president. “The acquisition of PolCard will clearly do both.”

Raytheon teams with BEA
Systems on $18M Navy contract

LEXINGTON, Mass. — Raytheon Co., a defense giant, has been awarded an $18 million contract from the Navy to provide the Navy with an Airborne Mine Neutralization System. The deal, according to the company, may be worth up to $30 million.

Raytheon’s AMNS will be integrated into the Navy’s Sikorsky MH-60 Black Hawk helicopter and will be used to identify, locate, and neutralize sea mines.

“This is an important, strategic win for Raytheon,” said Ed Franklin, president of the Integrated Defense Systems at Raytheon, in a release. “Our continued education and innovation in the mine warfare area has provided our naval customers confidence in our ability to deliver this transformational capability.”

Raytheon has teamed with BAE Systems of Waterloove, U.K. to develop the systems.