Transactions: DRS Technologies

  • Date/Status
  • Client
  • Description
  • Transaction Value
  • October 22, 2008
  • Exclusive financial advisor to DRS Technologies on its sale to Finmeccanica
  • $5.22 billion

DRS Technologies, a leading supplier of integrated defense electronics products, services and support, agreed to be acquired in an all-cash transaction by Finmeccanica following a review of the company’s strategic alternatives.  The transaction allowed Finmeccanica to solidify its role as a leading global supplier of integrated systems for defense and security, while expanding its presence in the critical U.S. market.  The combination positioned DRS to more effectively pursue new business opportunities both in the U.S. and abroad, while operating as a wholly-owned subsidiary and maintaining its current management and headquarters.  The purchase price of $5.2 billion, a 27% premium to the unaffected price, equated to a transaction multiple of approximately 11.2x forward EBITDA.