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Defense & Security

Finmeccanica to acquire DRS for $5.2 billion

Finmeccanica, S.p.A., a supplier of electronics equipment and defense and security systems and services, and DRS Technologies, Inc., a supplier of integrated defense electronics products, services and support, announced that they have signed a definitive merger agreement under which Finmeccanica will acquire 100% of DRS stock for US$81 per share in cash.

The transaction allows Finmeccanica to consolidate its international role as a key supplier of integrated systems for defense and security, entering the U.S. market as a key player. It further allows DRS to seek new business opportunities in the U.S. and abroad. The transaction, valued at approximately US$5.2 billion (euro 3.4 billion), inclusive of approximately $1.2 billion in net debt, following the conversion of DRS' convertible notes, represents a premium of 27 percent to DRS' closing share price on May 7, 2008; it is also a 32 percent premium over DRS' thirty-day average stock price traded on the NYSE.

Full press release from PR Newswire.