DRS Technologies Inc &
Finmeccanica SpA | Update Date: 07/14/08 |
| Date Announced: 05/12/08 |
| Value (million $USD): 5.14 billion U.S. Dollar |
|
| Status: Pending | |
| TRANSACTION DETAILS |
|---|
| Date Announced | 05/12/08 | | |
| Date Originally Announced | 05/08/08 | | |
| Format | Merger | Acquisition techniques | Rumored Deal |
| Attitude | Friendly | Agency | Federal Trade Commission; Justice Department; Comm. on Foreign Investments |
| Value | 5.14 billion U.S. Dollar | Advisor Fees | DRS Technologies Inc agreed to pay Bear Stearns & Co Inc and Merrill Lynch each, a reasonable and customary compensation for its opinion and advisory services, a portion of which is contingent upon consummation of the merger. |
| SYNOPSIS |
|---|
| US - Finmeccanica SPA (FS) definitively agreed to acquire all the outstanding common stock of DRS Technologies Inc (DT), a manufacturer of defense electronic equipment, for $81 in cash per share, or a total value of $5.136 bil, including the assumption of an estimated $1.2 bil in liabilities. The transaction was subject to regulatory and shareholder approvals. Originally, FS was rumored to be planning to acquire DT. |
| TARGET |
|---|
| Name | DRS Technologies Inc (DRS) |
| Industries | Search, detection, and navigation equipment |
| City | Parsippany |
| State | NJ |
| Nation | United States |
| Incorporated in | DE |
| Public Status | Public |
| Business Description | DRS Technologies Inc, located in Parsippany, New Jersey, manufactures electronic signal processing and display systems for the defense, government, and commercial markets. It operates through four segments: C4I which provides naval display and ship communications systems, radar systems, electronic manufacturing and system integration services. RSTA develops and manufactures electro-optical sighting, targeting and weapon sensor systems, high-speed digital data and imaging systems and aircraft weapons alignment systems. Sustainment Systems manufactures integrated military electronics and other support equipment. Technical Services provides engineering services, logistics and training services, advanced technology services, security and asset protection systems and services and telecommunication systems services. It has operations in the United States, the United Kingdom and Canada. The company was founded in 1968. |
| Advisors | Bear Stearns & Co Inc; Merrill Lynch & Co Inc |
| Target Sales | 3.30 billion U.S. Dollar |
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| ACQUIROR |
|---|
| Name | Finmeccanica SpA (Milan : FNC) |
| Industries | Guided missiles and space vehicles; Search, detection, and navigation equipment; Heavy construction, nec |
| City | Rome |
| State | n/a |
| Nation | Italy |
| Incorporated in | n/a |
| Public Status | Public |
| Business Description | Finmeccanica SpA, located in Rome, Italy, manufactures, design and develop aircraft, helicopters, satellites, missile systems and other equipment. The Group operates in six areas: Defence area - integrated air defence systems and other military systems. Aeronautics area includes complete civil and military aircraft and structural parts for large commercial airplanes. Transportation area includes complete railway systems, high speed trains and other equipment. Helicopters area includes civil and public utility helicopters. Energy area includes construction of power plants. Space area includes complete space systems, satellites for telecommunications and other civil and military systems. The Group operates in Italy, Rest of the Europe, North America and other parts of the world. The company was founded in 1948. |
| Advisors | Lehman Brothers; Goldman Sachs & Co; Mediobanca SpA; Intesa SanPaolo; UniCredit Group |
| Acquiror Sales | 21.45 billion U.S. Dollar
13.61 billion EURO |
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