The US$110m transaction, which is expected to close in the first quarter of 2008, will involve an initial cash payment of US$85m, with a further US$25 million payable based on the achievement of targets.
Atlantic Bridge established GloNav in 2006, through the spin-out of Ceva’s GPS business and merger with Californian-based RFDomus, to become its largest shareholder.
Since then, Atlantic Bridge has provided the sole finance to GloNav’s growth.