• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • NEWS:
  • SatNews
  • SatMagazine
  • MilSatMagazine
  • SmallSat News
  • |     EVENTS:
  • SmallSat Symposium
  • Satellite Innovation
  • MilSat Symposium

SatNews

  • HOME
  • Magazines
  • Events
  • Perspectives
  • Industry Calendar
    • IN PERSON
    • VIRTUAL
  • Subscribe

Lockheed Martin Enters Into A Definitive Agreement To Acquire Aerojet Rocketdyne Holdings

December 20, 2020

Lockheed Martin Corporation (NYSE: LMT) has entered into a definitive agreement to acquire Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) for $56 per share in cash, which is expected to be reduced to $51 per share after the payment of a pre-closing special dividend. This represents a post-dividend equity value of $4.6 billion and a total transaction value of $4.4 billion including the assumption of net cash.

As part of approving the transaction, Aerojet Rocketdyne announced a special cash dividend, revocable at its option through the payment date, of $5 per share to its holders of record of common stock and convertible senior notes (on an as-converted basis) as of the close of business on March 10, 2021, and payable on March 24, 2021.

With 2019 revenue of approximately $2 billion, nearly 5,000 employees, and 15 primary operations sites across the United States, Aerojet Rocketdyne is a world-recognized aerospace and defense rocket engine manufacturer. Aerojet Rocketdyne has deep customer relationships and significant demand for its innovative technologies. The proposed acquisition adds substantial expertise in propulsion to Lockheed Martin’s portfolio, and expands on the solid foundation built by Lockheed Martin and Aerojet Rocketdyne over many years. Aerojet Rocketdyne’s propulsion systems are already a key component of Lockheed Martin’s supply chain and several advanced systems across its Aeronautics, Missiles and Fire Control and Space business areas.

The transaction is expected to close in the second half of 2021 and is subject to the satisfaction of customary closing conditions, including regulatory approvals and approval by Aerojet Rocketdyne’s stockholders. Lockheed Martin has a history of successful integrations and will work to efficiently deliver the many strategic and financial benefits of this transaction. A transition team will be formed to allow for a seamless integration and ensure continuity for customers, employees and other stakeholders.

“Acquiring Aerojet Rocketdyne will preserve and strengthen an essential component of the domestic defense industrial base and reduce costs for our customers and the American taxpayer,” said James Taiclet, Lockheed Martin President and CEO. “This transaction enhances Lockheed Martin’s support of critical U.S. and allied security missions and retains national leadership in space and hypersonic technology. We look forward to welcoming their talented team and expanding Lockheed Martin’s position as the leading provider of 21st century warfare solutions.”

Filed Under: Acquisitions, Analysis / Reports, Events, Featured

Primary Sidebar

Most Read Stories

  • Kongsberg Defence & Aerospace Enlists NanoAvionics For Three Surveillance Satellites
  • Miratlas Secures Million$€ In Seed Funding
  • First Structural Metal Cutting In Space Demo By Nanoracks + Maxar Will Be Aboard The SpaceX Transporter 5 Rideshare Mission
  • Wyld + DEWA Partner To Launch New IoT Satellite Network + Services For The Utilities Sector
  • Airbus' Final Two Dispenser-Free Pléiades Neo Constellation Satellites Ready For Launch

About Satnews

  • Contacts
  • History

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020

Secondary Sidebar

x
Sign up Now (For Free)
Access daily or weekly satellite news updates covering all aspects of the commercial and military satellite industry.
Invalid email address
Notify Me Regarding ( At least one ):
We value your privacy and will not sell or share your email or other information with any other company. You may also unsubscribe at anytime.

Click Here to see our full privacy policy.
Thanks for subscribing!