September 1, 2006 |
An investment group led by Santa Clara, Calif.-based private equity firm Shah Capital Partners has acquired Thales Navigation, which owns the Magellan brand of navigation and global positioning systems, for at least $170 million, the companies said. Further terms of the deal weren't disclosed. The new company will be called Magellan and will be based in San Dimas. Other investors involved in the transaction included Los Angeles businessman and philanthropist Eli Broad and AIG SunAmerica.