DRS drawn in

  • 30-Jun-2008 09:19 EDT

Finmeccanica S.p.A. and DRS Technologies Inc. signed a definitive merger agreement under which Finmeccanica will acquire 100% of DRS’ stock for $81 per share in cash, totaling $5.2 billion. DRS will operate as a wholly owned subsidiary, maintaining its current management and headquarters. For Parsippany, NJ-based DRS, the combination with Finmeccanica will enable it to better compete in the global military and security market. The transaction will help the new company bid and win larger-scale projects in the U.S. and abroad. For Finmeccanica, the transaction will boost its existing position, enabling it to enhance the product and service solutions it provides to its customers. Finmeccanica’s platforms and areas of expertise (helicopters, defense electronics and security, aeronautics, space, defense systems, energy, and transportation) complement DRS’ growing market penetration by its four primary business segments: Command, Control, Communications, Computers & Intelligence; Reconnaissance, Surveillance & Target Acquisition; Sustainment Systems; and Technical Services.

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