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WASHINGTON--France's Thales (PHO) on Tuesday said it would acquire Orbital Sciences (ORB) Magellan global positioning system and NavSol automotive navigation units in a $70 million deal to expand the French company's access to commercial and military satellite-based positioning markets.
"Thanks to the increasing market penetration of GPS receivers, the introduction of new functions and the rapid development of related services, the world GPS market is growing by an estimated 20 percent annually," John Hughes, chief executive of Thales' Information Technology & Services, said in a statement. "The acquisition will strengthen the group's presence in international markets and make it one of the top three suppliers worldwide in this area with combined revenues of around 150 million euros."