--- title: A&D Weekly News & Transactions - Week 47 description: The JCP A&D Weekly Report from Monday, November 25th, 2024 covers significant developments in the aerospace and defense industry. image: https://blog.janescapital.com/hubfs/Weekly%20AD%20-%20New/A%26D%20Weekly%20Recap%20-%20Week%2047%20(11.25.24).png --- [![Janes Capital Partners](https://blog.janescapital.com/hs-fs/hubfs/JCP-Logo-Color.png?width=700&height=86&name=JCP-Logo-Color.png "Janes Capital Partners")](https://www.janescapital.com/) [![Janes Capital Partners](https://blog.janescapital.com/hs-fs/hubfs/JCP-Logo-Color.png?width=720&height=89&name=JCP-Logo-Color.png "Janes Capital Partners")](https://www.janescapital.com/) - [Who We Are](https://www.janescapital.com/who-we-are) - [Advisory Services](https://www.janescapital.com/aerospace-defense-advisory-services) - Transactions - [Our Transactions](https://www.janescapital.com/successful-aerospace-defense-ma-transactions) - [Case Studies](https://blog.janescapital.com/case-studies) - Industry Insights - [Key Aerospace & Defense Insights](https://blog.janescapital.com/key-insights) - [A&D Quarterly Reports](https://blog.janescapital.com/quarterly-reports) - [Segment Reports](https://www.janescapital.com/segment-reports) - [A&D Weekly Reports](https://blog.janescapital.com/weekly-ad-news-transactions) - News & Events - [News & Past Events](https://blog.janescapital.com/news-events) - [Upcoming Events](https://www.janescapital.com/aerospace-defense-conferences-networking-events) [Connect with a Banker](https://www.janescapital.com/schedule-a-meeting-1#connect) [Connect with a Banker](https://www.janescapital.com/schedule-a-meeting-1#connect) - [Who We Are](https://www.janescapital.com/who-we-are) - [Advisory Services](https://www.janescapital.com/aerospace-defense-advisory-services) - Transactions - [Our Transactions](https://www.janescapital.com/successful-aerospace-defense-ma-transactions) - [Case Studies](https://blog.janescapital.com/case-studies) - Industry Insights - [Key Aerospace & Defense Insights](https://blog.janescapital.com/key-insights) - [A&D Quarterly Reports](https://blog.janescapital.com/quarterly-reports) - [Segment Reports](https://www.janescapital.com/segment-reports) - [A&D Weekly Reports](https://blog.janescapital.com/weekly-ad-news-transactions) - News & Events - [News & Past Events](https://blog.janescapital.com/news-events) - [Upcoming Events](https://www.janescapital.com/aerospace-defense-conferences-networking-events) [Connect with a Banker](https://www.janescapital.com/schedule-a-meeting-1#connect) A&D Weekly Reports #### Share this [Share on X](https://x.com/intent/post?url=https://blog.janescapital.com/weekly-ad-news-transactions/11-25-2024&text=A%26amp%3BD+Weekly+News+%26amp%3B+Transactions+-+Week+47) [Share on Facebook](https://www.facebook.com/sharer/sharer.php?u=https://blog.janescapital.com/weekly-ad-news-transactions/11-25-2024&t=A%26amp%3BD+Weekly+News+%26amp%3B+Transactions+-+Week+47) [Share on LinkedIn](https://www.linkedin.com/shareArticle?mini=true&url=https://blog.janescapital.com/weekly-ad-news-transactions/11-25-2024&t=A%26amp%3BD+Weekly+News+%26amp%3B+Transactions+-+Week+47) # A&D Weekly News & Transactions - Week 47 by **[Stephen Perry](https://blog.janescapital.com/weekly-ad-news-transactions/author/stephen-perry)** ![](https://blog.janescapital.com/hubfs/Weekly%20AD%20-%20New/A%26D%20Weekly%20Recap%20-%20Week%2047%20(11.25.24).png)   ### Industry Headline News ![Honeywell\_Logo](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/Honeywell_Logo.png?width=500&height=500&name=Honeywell_Logo.png) **Honeywell announced the sale of its PPE business to Protective Industrial Products for $1.325B, enabling a focus on its core areas: automation, aviation, and energy transition** *Nov. 22, 2024 -* This move, part of a broader strategy to streamline operations, follows Honeywell's exit from other non-core businesses and aligns with its goal of profitable growth and long-term shareholder value. The transaction, expected to close in early 2025, positions the PPE business for future expansion under its new ownership. [(PR Newswire)](https://www.prnewswire.com/news-releases/honeywell-to-sell-personal-protective-equipment-business-to-protective-industrial-products-302314103.html?tc=eml_cleartime) Honeywell announced the sale of its PPE business to Protective Industrial Products for $1.325B, enabling a focus on its core areas: automation, aviation, and energy transition Nov. 22, 2024 - This move, part of a broader strategy to streamline operations, follows Honeywell's exit from other non-core businesses and aligns with its goal of profitable growth and long-term shareholder value. The transaction, expected to close in early 2025, positions the PPE business for future expansion under its new ownership. (PR Newswire) ![Boeing\_Logo](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/Boeing_Logo.png?width=3840&height=3840&name=Boeing_Logo.png) **Boeing has secured a $2.38B U.S. Air Force contract to build 15 additional KC-46A Pegasus aerial refueling tankers, bringing the total global contracts for the aircraft to 168** *Nov. 21, 2024 -* Since 2019, 89 units have been delivered to the U.S. Air Force and four to Japan, with the Pegasus recently completing its first full-scale combat mission. This aircraft serves as a critical refueling and strategic transport platform. [(Yahoo! Finance)](https://finance.yahoo.com/news/boeing-secures-2-38-billion-234624301.html) Boeing has secured a $2.38B U.S. Air Force contract to build 15 additional KC-46A Pegasus aerial refueling tankers, bringing the total global contracts for the aircraft to 168 Nov. 21, 2024 - Since 2019, 89 units have been delivered to the U.S. Air Force and four to Japan, with the Pegasus recently completing its first full-scale combat mission. This aircraft serves as a critical refueling and strategic transport platform. (Yahoo! Finance) ![Boeing\_Logo](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/Boeing_Logo.png?width=3840&height=3840&name=Boeing_Logo.png) **Boeing CEO Kelly Ortberg delivered a stark assessment of the company’s challenges, citing cultural issues like infighting, bloated management, and wasteful spending** *Nov. 20, 2024 -* He announced plans to overhaul the employee incentive program, delay R&D spending, and focus on ramping up 737 production to restore cash flow. Ortberg emphasized the urgency of addressing these issues to rebuild Boeing’s reputation and competitiveness, warning that trade tensions and past missteps have left the company in a precarious position. [(WSJ)](https://www.wsj.com/business/airlines/boeing-ceo-to-employees-we-cant-afford-another-mistake-5cad7634?siteid=yhoof2) Boeing CEO Kelly Ortberg delivered a stark assessment of the company’s challenges, citing cultural issues like infighting, bloated management, and wasteful spending Nov. 20, 2024 - He announced plans to overhaul the employee incentive program, delay R&D spending, and focus on ramping up 737 production to restore cash flow. Ortberg emphasized the urgency of addressing these issues to rebuild Boeing’s reputation and competitiveness, warning that trade tensions and past missteps have left the company in a precarious position. (WSJ) ![US State Department](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/US%20State%20Department.png?width=500&height=500&name=US%20State%20Department.png) **The U.S. has approved a $6.2B upgrade for 59 South Korean F-15K Slam Eagles** *Nov. 20, 2024 -* They will be equipped with advanced AESA radars, electronic warfare suites, and missile warning systems to enhance air defense and regional deterrence capabilities. The upgrade also includes mission system computers, helmet-mounted cueing systems, and interoperability improvements with U.S. forces. [(Aviation Week)](https://aviationweek.com/defense/aircraft-propulsion/us-approves-62b-upgrade-59-south-korean-f-15ks) The U.S. has approved a $6.2B upgrade for 59 South Korean F-15K Slam Eagles Nov. 20, 2024 - They will be equipped with advanced AESA radars, electronic warfare suites, and missile warning systems to enhance air defense and regional deterrence capabilities. The upgrade also includes mission system computers, helmet-mounted cueing systems, and interoperability improvements with U.S. forces. (Aviation Week) ![AeroVironment](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/AeroVironment.png?width=500&height=500&name=AeroVironment.png) **AeroVironment is acquiring defense tech firm BlueHalo in a $4.1B all-stock deal to expand into drone defense, cyber, and space technologies amid rising geopolitical tensions** *Nov. 19, 2024 -* AeroVironment shareholders will hold a 60.5% stake in the combined company, expected to finalize in early 2025, with CEO Wahid Nawabi leading the merger. BlueHalo's advanced capabilities in drone defense and laser communication will complement AeroVironment's expertise in loitering munitions. [(US News)](https://money.usnews.com/investing/news/articles/2024-11-19/drone-maker-aerovironment-to-buy-bluehalo-in-4-1-billion-deal) AeroVironment is acquiring defense tech firm BlueHalo in a $4.1B all-stock deal to expand into drone defense, cyber, and space technologies amid rising geopolitical tensions Nov. 19, 2024 - AeroVironment shareholders will hold a 60.5% stake in the combined company, expected to finalize in early 2025, with CEO Wahid Nawabi leading the merger. BlueHalo's advanced capabilities in drone defense and laser communication will complement AeroVironment's expertise in loitering munitions. (US News) ![Spirit\_Aerosystems\_Logo](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/Spirit_Aerosystems_Logo.png?width=500&height=500&name=Spirit_Aerosystems_Logo.png) **Spirit AeroSystems has agreed to sell Fiber Materials, Inc., a specialist in high-temperature materials for defense and NASA programs, to Tex-Tech Industries for $165 million in cash** *Nov. 18, 2024 -* The divestiture strengthens Spirit’s balance sheet and allows it to focus on its core aerospace business, while Tex-Tech gains valuable expertise and products to enhance its position in the growing space and defense sector. This strategic transaction addresses Spirit's $3.6 billion debt and streamlines operations, with FMI’s 400 employees transitioning to Tex-Tech. [(Stock Titan)](https://www.stocktitan.net/news/SPR/spirit-announces-purchase-agreement-with-tex-tech-industries-for-mwkm1ckvvgdw.html) Spirit AeroSystems has agreed to sell Fiber Materials, Inc., a specialist in high-temperature materials for defense and NASA programs, to Tex-Tech Industries for $165 million in cash Nov. 18, 2024 - The divestiture strengthens Spirit’s balance sheet and allows it to focus on its core aerospace business, while Tex-Tech gains valuable expertise and products to enhance its position in the growing space and defense sector. This strategic transaction addresses Spirit's $3.6 billion debt and streamlines operations, with FMI’s 400 employees transitioning to Tex-Tech. (Stock Titan) ![Sweden](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/Sweden.png?width=500&height=500&name=Sweden.png) **Sweden has joined Germany, the Netherlands, Romania, and Spain in a $5.6B European coalition to procure 1,000 Patriot GEM-T air defense missiles, contributing over $455M** *Nov. 18, 2024 -* The project aims to bolster both national and NATO-wide air defense against ballistic and cruise missiles, with production expanding beyond Germany to other European countries. This initiative addresses rising demand amid heightened security concerns in Eastern Europe. [(The Defense Pot)](https://thedefensepost.com/2024/11/18/sweden-patriot-gem-missiles/) Sweden has joined Germany, the Netherlands, Romania, and Spain in a $5.6B European coalition to procure 1,000 Patriot GEM-T air defense missiles, contributing over $455M Nov. 18, 2024 - The project aims to bolster both national and NATO-wide air defense against ballistic and cruise missiles, with production expanding beyond Germany to other European countries. This initiative addresses rising demand amid heightened security concerns in Eastern Europe. (The Defense Pot) ### Weekly Transaction Review | **No.** | **Parties Involved** | **Transaction Metrics** | **Location** | **Segment** | | | | --- | --- | --- | --- | --- | --- | --- | | | **Target \[Parent\]** Acquirer \[Parent\] | Price ($M) | Price/ Revenue | Price/ EBITDA | Target | Target | | 1 | **Fiber Materials \[Spirit Aerosystems\]** Tex Tech \[Arlington Capital\] | $165.0 | - | - | Biddeford, ME | Composites | | 2 | **BlueHalo \[Arlington Capital\]** AeroVironment | $4,100.0 | 4.6x | 27.0x | Huntsville, AL | Defense Electronics | | 3 | **PAC Australia** Aurizn Group | - | - | - | Canberra, Australia | Government Services, IT Services and Software | | 4 | **Karthik** CoreStack | - | - | - | Falls Church, VA | Government Services, IT Services and Software | | 5 | **Datavolo** Snowflake | - | - | - | Peoria, AZ | Government Services, IT Services and Software | | 6 | **EM Solutions \[Electro Optic Systems\]** Cohort | $144.0 | 1.9x | - | Tennyson, Australia | Defense Electronics |   | **No.** | **Target Descriptions** | | --- | --- | | 1 | FMI is a designer and manufacturer of advanced composite materials for use in private sector and U.S. federal government aerospace and defense markets. The company's products are comprised of polymer matrix composites, carbon-carbon composites and ceramic matrix composites which bolster thermal stability in extreme environments, dimensional strength, and are lightweight. | | 2 | BlueHalo develops and manufactures advanced technologies for private sector and U.S. federal government space superiority and directed energy, missile defense, C4ISR, cyber, and intelligence markets. | | 3 | PAC Australia provides operationally focused services, including systems integration, software engineering, specialist technical services focused on communications, tactical data link networks, mission enablement and other bespoke capabilities. | | 4 | Karthik is a provider of cloud and cyber security, DevSecOps, and IT systems integration solutions for private sector and U.S. federal government civil, defense, and emergency management markets. The company's solutions are compliant with strict federal mandates such as FISMA, RMF, and executive orders. | | 5 | Datavolo provides an Apache NiFi-powered platform for automating and managing both structured and unstructured data flows between various enterprise data sources. | | 6 | EM Solutions is a satellite communications component company. The company specializes in the research, design, and production of microwave and radiofrequency products and systems for satellite and broadband communications. The company serves both commercial and military customers and has a subsidiary, EMClarity, that focuses on solutions for the broadcast industry. | ### Selected Janes Capital Partners A&D Experience ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/Schatz%20Bearing%20Arxis%20(2).jpg) [Arxis Acquires Schatz Bearing Corporation](https://blog.janescapital.com/news-events/arxis-acquires-schatz-bearing-corporation) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/TDG%20Undisclosed%202.jpg) [TransDigm Group Acquires an Undisclosed Provider of Proprietary Aerospace Instrumentation and Sensing Solutions](https://blog.janescapital.com/news-events/transdigm-group-undisclosed-provider-proprietary-aerospace-instrumentation) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/Cook%20Defence%20HEICO-1.png) [Cook Defence Systems Acquired by HEICO](https://blog.janescapital.com/news-events/cook-defence-systems-has-been-acquired-by-heico) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/Exo-Anduril-Tombstone.png) [ExoAnalytic Solutions Acquired by Anduril](https://blog.janescapital.com/news-events/exoanalytic-solutions-has-agreed-to-be-acquired-by-anduril) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/ScanfiberComposites.png) [Scanfiber Has Been Acquired by Fjord Defence](https://blog.janescapital.com/news-events/scanfiber-has-been-acquired-by-fjord-defence) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/TDG%20Undisclosed%20Tombstone.png) [TransDigm Group Acquires an Undisclosed Provider of Defense Products](https://blog.janescapital.com/news-events/transdigm-group-undisclosed-provider-defense-electronics) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/OSL%20Terma.png) [OSL Technology Has Been Acquired by Terma A/S](https://blog.janescapital.com/news-events/osl-acquired-by-terma) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/ACC-Arcline.png) [American Casting Company Receives Strategic Investment from Arcline](https://blog.janescapital.com/news-events/janes-capital-partners-advises-american-casting-company-on-its-strategic-investment-by-arcline) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/Digital_Barriers_ARC_Group.png) [Digital Barriers Has Been Acquired by TJC-Backed ACR Group](https://blog.janescapital.com/news-events/digital-barriers-has-been-acquired-by-tjc-based-acr-group) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/HTS-BTX%20Precision.jpg) [High Tech Solutions Has Been Acquired By BTX Precision](https://blog.janescapital.com/news-events/high-tech-solutions-acquired-by-btx-precision) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/Leichtwerk%20AG%20Rheinmetall.png) [Assets of Leichtwerk AG Acquired by Rheinmetall AG](https://blog.janescapital.com/news-events/assets-of-leichtwerk-ag-acquired-by-rheinmetall-ag) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/ETL%20-%20IRT.png) [ETL Systems has acquired IRT Technologies](https://blog.janescapital.com/news-events/etl-systems-has-acquired-irt-technologies) Read More Load More Transactions Load More Transactions ### Janes Capital Partners Team Contact Information ![Picture2-1](https://blog.janescapital.com/hs-fs/hubfs/Website%20Imagery/Team%20Members/Picture2-1.jpeg?width=960&height=960&name=Picture2-1.jpeg) #### Stephen Perry *Managing Director* [Email Stephen](mailto:sperry@janescapital.com)[(949) 769-3323 x6901](tel:9497693323) ![Ken-white-1-1](https://blog.janescapital.com/hs-fs/hubfs/Website%20Imagery/Team%20Members/Ken-white-1-1.png?width=960&height=960&name=Ken-white-1-1.png) #### Ken Fukumoto *Director* [Email Ken](mailto:kfukumoto@janescapital.com) [(949) 769-3323 x6904](tel:9497693323) ![Chris-white-1-1](https://blog.janescapital.com/hs-fs/hubfs/Website%20Imagery/Team%20Members/Chris-white-1-1.png?width=1200&height=1200&name=Chris-white-1-1.png) #### Chris Reinecke *Vice President* [Email Chris](mailto:cwreinecke@janescapital.com) [(949) 769-3323 x6905](tel:9497693323) ![Bruce-white-1-1](https://blog.janescapital.com/hs-fs/hubfs/Website%20Imagery/Team%20Members/Bruce-white-1-1.png?width=1200&height=1200&name=Bruce-white-1-1.png) #### Bruce Renner *Analyst* [Email Bruce](mailto:brenner@janescapital.com) [(949) 769-3323 x6906](tel:9497693323) ### Subscribe to A&D Weekly #### Share this [Share on X](https://x.com/intent/post?url=https://blog.janescapital.com/weekly-ad-news-transactions/11-25-2024&text=A%26amp%3BD+Weekly+News+%26amp%3B+Transactions+-+Week+47) [Share on Facebook](https://www.facebook.com/sharer/sharer.php?u=https://blog.janescapital.com/weekly-ad-news-transactions/11-25-2024&t=A%26amp%3BD+Weekly+News+%26amp%3B+Transactions+-+Week+47) [Share on 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