M&A
Company acquisitions, mergers, divestitures and ownership changes.
News
- M&AT3 Defense buys KeepZone to expand homeland security salesThe acquisition closed Nov. 4 for $1,539,800 in stock, plus a potential cash earn-out. T3 plans to sell its subsidiaries’ products through KeepZone’s channels.
- M&A · Maritime intelligenceWindward acquires Azimut.ai to add maritime optical sensingThe maritime intelligence company's first step into ground and ship-based sensors supports its aim to place proprietary cameras at maritime chokepoints.
- M&ALightPath keeps its former China unit as a supplier for five yearsThe divested unit will keep supplying LightPath's commercial business, with the markup LightPath pays rising as the buyer pays off the $4.5 million purchase price.
- M&AShield AI agrees to buy Echodyne in $5.3 billion radar dealThe acquisition would expand Shield's Mission Systems business with counter-drone radars. A $2.5 billion financing package includes structured equity from Blackstone-managed funds.
- M&A · Intelligence servicesBluestone-backed Swift Ascent acquires MMAX to build an intelligence community services platformThe combined company will keep the MMAX name and intends to invest in new capabilities through further acquisitions.
- M&ABluestone-backed Delphinus announces combination with Navy logistics provider Professional AnalysisBluestone says the combination advances its naval sustainment platform strategy, linking Delphinus' ship maintenance work with Professional Analysis' logistics and supply chain capabilities.
- M&ASalesforce agrees to buy defense logistics software company RuneSalesforce says Rune’s logistics software is already deployed with the Army and Marine Corps.
- M&A · Power and communications supplierEnerSys agrees to buy Ultralife to expand defense battery productionThe deal values Ultralife at about $320 million including net debt. Closing is expected in the first quarter of calendar 2027, subject to a majority tender and regulatory approvals.
- M&A · ShipbuildingHanwha Defense USA to acquire control of Philly ShipyardThe planned transfer from Hanwha Systems would shift control of the Hanwha-owned yard to the defense unit already sharing a Navy design project with it.
- M&AThe Partner Companies acquires aerospace and defense hydroforming specialist F&B MFGThe Phoenix manufacturer brings experience in engine and auxiliary power unit components for defense and commercial aircraft, alongside tooling, machining and assembly capabilities.
- M&ALockheed completes Ultra Maritime acquisition, adding sonobuoys and towed sonar arraysThe deal, priced at $3.45 billion in July, brings the undersea warfare supplier into Lockheed Martin's Rotary and Mission Systems business area.
- M&ASpaceX and Tesla boards form committees to explore a possible combinationSpaceX's committee will evaluate a potential combination, while Tesla's will explore a closer relationship that could include one.
- M&A · DronesUnusual Machines adds drone batteries with Upgrade Energy acquisitionUnusual Machines began expanding battery production before closing and plans battery pack operations in Orlando.
- M&A · Private equityArlington plans manufacturing expansion at newly acquired Gooch & HousegoThe private investment firm plans capacity expansion at the photonics supplier's existing U.S. and UK sites to support growth in G&H's aerospace and defense business.
- M&AElbit acquires Canadian underwater vehicle maker ISEElbit intends the acquisition to expand its underwater intelligence, surveillance and reconnaissance, mine countermeasures and anti-submarine warfare capabilities.
- M&A · Supplier consolidationTide Rock buys plating specialist Electro-SpecThe deal establishes a specialty surface-finishing platform for Tide Rock, which already owns metal machining companies. No purchase price was disclosed.
- M&AHyperion buys Ultra-Met, an Ohio tungsten carbide maker serving defenseThe acquisition combines manufacturers that Hyperion says have historically sourced a substantial portion of their carbide from Western producers.
- M&A · Naval shipbuildingRheinmetall and MSC win bid for Romania’s Mangalia shipyardThe partners plan a civilian and military shipbuilding site, with a role in building four naval vessels commissioned by the Romanian government.
- M&AD. E. Shaw-backed Threadlock acquires Arizona aerospace and defense tube makerThreadlock says Service & Sales brings a new specialty in hydraulic tube bending and assembly to its manufacturing network.
- M&AThe Partner Companies buys Advanced CNC to expand Optiforms’ machining capacityThe acquisition adds equipment and engineering capabilities to TPC’s optics business, which already makes components for aerospace, defense and other markets.
- M&ANexTech Solutions buys Halcyon Days Consulting, adding tactical mission networksThe acquisition adds more than 90 engineers, operators and mission specialists, along with tactical networks that already use NexTech’s video transport product.
- M&AMaximus agrees to buy Agile Defense to expand national security businessThe proposed acquisition carries a $660 million cash price, subject to adjustments, plus potential performance payments. Maximus expects it to accelerate its expansion in defense and national security markets.
- M&ARed Cat plans to buy engine maker Steyr Motors for uncrewed surface vessel strategyThe proposed €39-a-share cash bid would bring the Austrian engine maker into Red Cat, which plans to support Steyr’s existing customer-agnostic business after completion.
- M&APrivate equity-owned Fathom buys three Rochester aerospace and defense suppliersTCS brings circuit board assemblies and wire harnesses, and PGM supports customers through full-rate production. CORE Industrial Partners, which owns Fathom, gave no price.
- M&A · Private equityATL Partners buys Precise Metal Products to start an aerospace and defense roll-upStaple Street Capital is the seller. The Phoenix company's long-term agreements support narrow-body and wide-body planes and defense programs, but the announcement gives no price or program names.
- M&A · Private equityPrivate equity firm Aurelius completes acquisition of C-130 maintenance specialist Marshall AerospaceThe sale takes the British company out of the family-owned Marshall Group, which has sold Cambridge City Airport and leased it back until early 2029.
- M&A · MicroelectronicsMicrochip buys rad-hard chipmaker VORAGO and the hardening process it licenses outIn 2023, the foundry SkyWater said it would offer the process, HARDSIL, to its customers. Microchip gave no terms in its announcement and doesn't expect the deal to be material.
- M&A · RF and electronic warfareOceanSound-backed antenna maker ARA announces merger with amplifier maker Empower RFEmpower RF supplies the power half of the "power and networking content" new chief executive Bill Gattle said ARA would add. The announcement gave no price, terms or closing status.
- M&ALeidos trades control of its security screening business for a 41.5% Analogic stakeAltaris affiliates hold 58.5% of the Analogic joint venture and appoint a majority of its board. Certain Leidos liquidity demand exit rights begin only after seven years.
Assessments
- Assessment · Deals and capitalMost defense buys by the private equity firms we track were add-onsPortfolio companies announced 55% of the defense acquisitions and stakes in our study. Excluding the two busiest firms, their share was 52%.
- Assessment · M&AAre defense companies selling off more of their businesses?Not in the count. U.S.-listed defense companies agreed to 14 to 17 sales a year from 2022 to 2025. Half of 2026's eight leave the seller holding a stake.
- Assessment · CompaniesHow much of defense companies' growth since 2021 came from M&A?Among companies disclosing acquired revenue, about a third of added revenue came from M&A, mostly three deals. The five largest growers disclose no separate acquired-revenue figure.
- Assessment · M&ASeven large defense primes have slowed their M&ASince 2022, the seven primes’ announced sales and acquisitions have roughly matched in disclosed value, on mixed bases. Recent acquisitions bring suppliers and production capacity in-house.