PLAINVIEW, NY — A pair of private equity firms have agreed to purchase test equipment maker Aeroflex Inc. in a deal worth about $1 billion. General Atlantic and Francisco Partners said they would purchase the company, subject to standard stockholder approval and closing conditions.
 
The deal contains a "go shop" provision under which Aeroflex may solicit other offers through April 18. However, Aeroflex would have to pay fees of up to $37 million to call off the deal.
 
Aeroflex, a global provider of high-technology test, measurement, and microelectronic products, offers a strong platform, track record, and service record, said Dipanjan Deb, co-founder and managing partner at Francisco.
For Francisco Partners, it would be the second major electronics manufacturing acquisition in a year. Last fall, the firm acquired Universal, Vitronics-Soltec and Hover-Davis.