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BAE Systems signs on for Prismatic takeover
Posted on Wednesday, 11 September 2019 15:23
UK-headquartered defence, security and aerospace player BAE Systems has signed on the dotted line to pick up Alton-based unmanned aerial vehicles manufacturer Prismatic.
No financial details of the transaction have been disclosed.
As yet, it is not clear when completion of the acquisition can be expected to follow.
BAE Systems’ technology chief, Nigel Whitehead, said: “Working together with Prismatic, we’re pushing technological boundaries to develop a revolutionary solar-powered aircraft at an incredibly rapid pace.
“Our investment in the company will enable us to take this technology into production, with the very real possibility that this aircraft could enter initial operations with customers within 12 months of flight trials.”
Prismatic founder Paul Brooks added that the move will give the company access to world-class expertise and capacity in systems integration, productionisation and operations which will enable it to fully exploit its developments.
BAE has said that, following completion of the deal, it plans to make a number of bolt-on acquisitions via Prismatic.
The company was recently active as a vendor, divesting a 55.0 per cent stake in its tank and combat vehicle business to Rheinmetall for GBP 28.60 million at the beginning of July.
According to Zephyr, the M&A database published by Bureau van Dijk, its most recent acquisition was announced in December 2014, when it agreed to pick up Texas-headquartered engineering computerised design services firm Eclipse Electronic Systems for USD 28.00 million in cash.
This was preceded by the USD 232.50 million takeover of Perimeter Internetworking Corporation, which trades as SilverSky, in December 2014.
Zephyr shows there have been 153 deals targeting aircraft manufacturers announced worldwide since the beginning of 2019.
Of these, the most valuable was a USD 1.37 billion purchase of US-based Ontic Engineering and Manufacturing by CVC Capital Partners, through its Bleriot US Bidco vehicle.
Other companies in the sector to have been targeted this year include Tupolev, Aeronautics and Boeing.
© Zephus Ltd