Cobham currently employs around 10,000 people and operates in more than 100 countries. It supplies radar and other electronic products for the defence and aviation industries and claims that its components are in every passenger jet now made by Airbus.
The company has been going through a period of consolidation having stabilised itself after a series of profit warnings between 2015 and 2017. Many of its problems arose after its botched takeover of Aeroflex in the US when it was forced to take on too much debt, resulting in a £500m call to shareholders to strengthen its finances.
The acquisition, which is being compared to Melrose Industries' hostile takeover of GKN last year, could face political opposition on the grounds of national security.
Cobham said that Advent would invest in the business to help it grow.
David Lockwood, Cobham’s chief executive said: “We have worked intensively over the last two and half years to focus on our customers and our financial and operating performance.
“This offer reflects the potential for future growth and improving performance, and is an endorsement of our turnaround strategy and our hard working people.”