(Adds deal details)
June 24 (Reuters) - U.S. boat maker Brunswick Corp on Thursday agreed to buy Norway-based marine electronics and sensor company Navico for $1.05 billion, as its looks to strengthen its presence in powerboat and sailing markets.
Navico offers a range of products, including multi-function displays, fish finders, autopilots, sonars and radars, under brands such as Lowrance, Simrad, B&G and C-MAP, Brunswick said.
Navico, which posted revenue of about $470 million for 12 months ended May 31, is co-owned by investment fund Altor Fund IV and Goldman Sachs Asset Management.
Following the closure of the deal in the second half of 2021, the company will be a part of Brunswick’s parts and accessories business, which accounted for about $1.5 billion, or 35%, of its 2020 revenue. (Reporting by Ankit Ajmera in Bengaluru; Editing by Devika Syamnath and Anil D’Silva)