US Government takes a step to allow DRS purchase by Finmeccanica
Filed under: Acquisitions, DRS Technologies, Finemeccanica, IT, Italy
The US Government’s Committee on Foreign Investment approved the planned acquisition of DRS Technologies by Italian company Finmeccanica. The deal is worth over $5 B and is structured as a stock purchase at $81 or so a share. DRS traded today at just over $80. DRS had long been rumored as an attractive takeover target, and the purchase by a European company again highlights their desire to get into the US Defense market.
See a short article at NJ.com.
Cross posted at BNET.
DRS reports
Filed under: Acquisitions, DRS Technologies, Finemeccanica, IT, Italy, production program
DRS Technologies reported that sales were a record high for the last quarter. See an article here. DRS also reported a 40% increase in profits and a record backlog of over $1 B dollars. As discussed here, Finmeccanica has agreed to buy the American company. This would be one of the largest foreign acquisitions of an American defense company.
Finmeccanica follows through
Filed under: Acquisitions, Agusta Westland, Congress, DRS Technologies, Finemeccanica, IT, Italy, production program
Bump - Fresh off good financial reports for the quarter, EADS is now looking at DRS Technologies as well. See an article here. This makes it sound like DRS might be a good buy.
As rumored this weekend Finmeccanica bought DRS today. The deal is for around $5 B. See an article here. This is the biggest acquisition so far by an European company. DRS has been an attractive take over target for a few years, one of the reasons its stock was so high. If this deal can make it through the necessary regulatory and legal review it will be quite stunning. Prior to this BAE and EADS had been doing smaller acquisitions, under a $1B. In today’s political environment due to the KC-45 deal and it being an election year it should be interesting to see Congress’s reaction.
Looking to buy DRS
Filed under: Acquisitions, Finemeccanica, Italy, SETA, production program
This article discusses the idea that Finmeccanica, the Italian defense conglomerate, is looking at DRS Technology for an American acquisition. Like EADS and BAE the Italian company has been expanding its presence in the US. Its helicopter arm, Augusta Westland, won the VH-71 Presidential helicopter teamed with Lockheed Martin and is also trying to win the CSAR-X recompete post-protest. DRS which makes advanced sensors and electronics while providing SETA services has long been an attractive take over target. It’s stock though has done very well recently and for Finmeccanica to buy it would require a substantial investment. Read more
-
Search This Site
Custom Search -
FREE Business Downloads
-
Latest Defense News
- Contracts for December 03, 2008
- Navy’s Zumwalt program moves forward
- SOCOM contracts for tactical lighting tech
- Navy modifies Zumwalt deal with BIW
- Pronto4 reaches land-speed milestone
- Ventura, STG team to support Army IT grid
- China, Russia still at odds over Il-76 sales deal
- Russia test-fires RS-24 ICBM to succeed SS-18 Satan
- PC reform could cripple U.S. military effectiveness
- ABL laser fired through beam control system
- ABL laser fired through beam control system
- Contracts for December 02, 2008
- QinetiQ awarded deal for more Talon robots
- GD contracts Lockheed Martin for HGHS
- ATK to develop STAT for Air Force testing
- Morocco contracts for F-16 countermeasures
- Army contracts for gunshot detection tech
- Alion to support Navy explosion testing
- China wants to buy Ukraine’s An-70 military air transport
- Social engineering theories threaten U.S. combat effectiveness
- Microsoft, ESRI partner against terrorism
- Astra to support Indian radar program
- Elbit contracted for combat training tech
- BVR contracted for naval training upgrades
- LM to support SPAWAR’s Hawaiian facilities
- Presidential helicopter program advances
- Contracts for December 01, 2008
- EADS A400 delivery delays cause problems for Britain
- Russia deploys ships, aircraft to show force in arctic
- U.S., Russia still unrivaled in global power projection
- Contracts for November 28, 2008
- Russian battle squadron roams the Caribbean
- Al-Qaida revives car-bomb strategy in Baghdad
- West accused of ignoring piracy scourge
- Helsinki talks show U.S., Russia still lead world
- Crystal IS to develop UV LED system
- Aecom to provide aircraft support services
- Pratt & Whitney closes on deal for Arde
- Lockheed Martin to support CASS stations
- 56th Stryker to get FCS technology
- Goodrich, ATK partner on defense satellite
- Harris to develop satellite architecture
- Contracts for November 26, 2008
- Baghdad killers turn to mini magnet bombs
- Russia urged to scrap Bulava ICBM and bet on Sineva
- SimQuest to develop pandemic training tool
- L-3 to acquire CSC, expand naval unit
- Army contracts for parts support in Iraq
- Herley award deal for custom F-16 upgrades
- DataPath to support Army SATCOM
- Contracts for November 25, 2008
- Venezuela’s nuclear plans have a military dimension
- Czech speaker wants to nix BMD radar base plan
- U.S. Navy needs more Super Hornets for air superiority
- Special offer: Black Friday, vote to Win! (advertisement)
- CRI, VIC partner for ship security venture
- Saab, LM partner on Canadian navy deal
- Daylight awarded deal for infrared tech
- Aeolus begins tests of radiation treatment
- Force Protection named preferred bidder
- LM clinches Norwegian fighter jet deal
- Electro-Optical Systems and Night Vision equipment
- Thermal Binoculars
- U.S. Army Deploys 300th RAID Tower
- See-Through Armor - Combat Situation Understanding & Response
- Sniper Location & Gunshot Detection Systems
- Navy contracts aircraft support at Norfolk
- Alion to launch mobile training for troops
- North Korea more distrustful of S. Korea, U.S.
- Contracts for November 24, 2008
- Russia ready to roll with Iskander deployment
- Norway Opts for F-35 Lightning II over Gripen NG as Future Fighter
- British award deal for more MRAPs
- Navy contracts for nuclear sub support
- Raytheon to develop nukes detection tech
- LM to extend life of Canada’s Auroras
- JLENS SuR radar, CPG pass their CDR reviews
- Contracts for November 21, 2008
- Alenia contracts for trainer engines
- NAVAIR contracts SAIC for testing support
- Ener1 moves to phase II on UAV batteries
- North Korea will stay stable after Kim Jong Il
- Russia focuses warships and weapons systems in arctic
- MILCOM 2008: Future Ad-Hoc Networks to Integrate Airborne Radar, Ground Elements
- USAF Expedites Actionable Information to Dispersed Warfighters
- Defense Update Selected to Sponsors DGI 2009 Defense Geospatial Event
- MILCOM 2008: Parvus Introduces Zypad WR1100 Wearable Wrist-Worn Computer
- MILCOM 2008: New Radios are Pushing Broadband to the Edge of the Battlefield
- MILCOM 2008: Spectrum JTRS Soldier Radio Waveform Gets Into a Miniature Modem
- Russia gambles $5.4B in arms on Venezuela’s Chavez
- Patriots vs. Iskanders vs. GBIs standoff in Central Europe
- China boosts military ties with Chile and Argentina
- Contracts for November 20, 2008
- CPI to support airborne communications
- Prescient releases new surveillance tech
- General Dynamics demos new radio tech
- Epsilon contracted for reseller deal
- XeDAR to support Saab’s U.S. expansion
- Austal awards GD contract for JHSV program
- Goodrich to support situational awareness
More Defense News -->
-
Content from our trusted partner BNETGet your own CBS Interactive Widget.>GET IT NOW
get your job site
at simplyhired.com
