US-based Brunswick has signed a definitive agreement to acquire marine electronics and sensors provider Navico in a deal valued at about $1.05bn.

After acquiring Navico, Brunswick will add the brands of Lowrance, Simrad, B&G and C-MAP to its Advanced Systems Group (ASG).

ASG comprises the Parts and Accessories (P&A) brands in power management, digital control and monitoring, and networked devices.

With the addition of Navico, Brunswick’s P&A business is expected to have revenues on a run-rate basis exceeding $2bn.

Norway-based Navico, which is owned jointly by Altor Fund IV and Goldman Sachs Asset Management, offers fish finders, autopilots, sonar, radar, multi-function displays and cartography.

The company generated a revenue of about $470m during the 12-month period ending 31 May 2021.

Brunswick Corporation CEO Dave Foulkes said: “The acquisition of Navico and its award-winning brands will immediately accelerate Brunswick’s Autonomy, Connectivity, Electrification and Shared-Access (ACES) strategy, and support our vision to deliver distinctive new products and technology-enabled experiences.

“We will continue to invest both in organic initiatives and acquisitions to maintain our position of global product leadership, and the addition of Lowrance, Simrad, B&G and C-MAP to our existing brand portfolio will further strengthen our ability to provide complete, innovative digital solutions to consumers and comprehensive, integrated systems offerings to our original equipment manufacturer (OEM) customers.”

The transaction, which is subject to customary closing conditions, regulatory review and approval, is expected to be completed during the second half of the year.

The acquisition will be funded using both debt and cash reserves.

Last December, Lloyd’s Register signed an agreement to acquire Navico Group’s C-MAP commercial marine business.