Hanwha Systems Co., the defense industry unit of Hanwha Group, said Monday it has acquired a British satellite communication antenna company in a move to secure a new growth driver.
Hanwha Systems clinched a deal last week to acquire the business and assets of Phasor Solutions Ltd., which develops satellite communication antenna technology, the company said in a statement.
"We have made a swift decision to acquire the British company as the satellite communication equipment market has big growth potential," Hanwha Systems Chief Executive Kim Youn-chul said in the statement.
The satellite communication equipment market is expected to grow to $30.32 billion by 2022, the company said, citing data from Markets & Markets Research Private Ltd.
Hanwha did not provide the contract value and other details due to a confidentiality agreement.
Phasor Solutions recently went bankrupt, as it had difficulties in attracting investments amid the new coronavirus outbreak, a company spokeswoman said over the phone.
The British venture firm has been the leading developer of broadband electronically steerable antennas (ESAs), which enable high speed communication in-flight, at sea or land, the statement said.
Hanwha Systems has been looking for possible investment opportunities to advance into the satellite communication antenna markets since last year. (Yonhap)