Benzinga | Jun 24, 2021 09:03AM EDT

Brunswick To Buy Navico For $1.05B

* Brunswick Corporation (NYSE:BC) has agreed to acquire Navico, a specialist marine electronics company, for $1.05 billion.

* Brunswick will be using a combination of debt and cash on its balance sheet to fund the acquisition.

* Brunswick held $488.9 million in cash and equivalents as of April 3, 2021.

* The deal is expected to close in the second half of 2021.

* As a result of this acquisition, Brunswick will add Lowrance, Simrad, B&G, and C-MAP to its Advanced Systems Group (ASG).

* Navico is a privately held global company based in Egersund, Norway, and co-owned by Altor Fund IV and Goldman Sachs Asset Management.

* With the addition of Navico, Brunswick expects its Parts and Accessories P&A businesses to have revenues on a run-rate basis exceeding $2.0 billion.

* "The acquisition of Navico and its award-winning brands will immediately accelerate Brunswick's ACES (Autonomy, Connectivity, Electrification, and Shared-Access) strategy and support our vision to deliver distinctive new products and technology-enabled experiences," said Dave Foulkes, Chief Executive Officer.

* Price action: BC shares traded lower by 0.33% at $96 in the premarket session on the last check Thursday.