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PALO ALTO, California (


) --

CPI International


agreed to be acquired by an affiliate of Veritas Capital for $19.50 a share in cash, or $525 million.

The purchase price is a premium of about 35% over CPI's closing price Wednesday of $14.47, and 38% over the average closing price of CPI for the 90 days to Wednesday.

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CPI International provides technology to the defense, communications, medical and scientific markets.

Shareholders that own about 49% of CPI shares have entered into a voting agreement with Veritas Capital.

-- Written by Joseph Woelfel

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Joseph Woelfel

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