Top 5: Aerospace & Defense M&A Activity By Country (Last 3 Years)

by Stephen Perry on 02/12/2025

JCP Top 5 - (A&D M&A Activity by Country - Last 3 Years)

Top 5		A&D M&A Activity by Country (Last 3 Years)
Rank	Country	Total Deals (with Target in Country)	Top Buyers (of Target in Country)	Segment
1	United States	942 Total Deals (77%) $188.3B Disclosed TEV	Arcline (21) Arlington Capital (19) Enlightenment Capital (17) AE Industrial (16) CORE Industrial (15)	Sector Aerospace: 57% Defense: 43% Sub-Sector Government Services, IT Services, Software: 27% Machined & Cast Parts: 13% MRO & Logistics: 12% Defense Electronics: 9% Components & Subsystems: 6% Other: 33%
2	United Kingdom	70 Total Deals (6%) $8.6B Disclosed TEV	BAE Systems (3) Volatus Aerospace (2) Indra Sistemas (2) Curtiss-Wright (2) Barnes (1)	Sector Aerospace: 46% Defense: 54% Sub-Sector Machined & Cast Parts: 14% Government Services, IT Services, Software: 14% MRO & Logistics: 10% Components & Subsystems: 6% Navy/Maritime: 6% Other: 50%
3	Canada	38 Total Deals (3%) $3.5B Disclosed TEV	Thrust Capital (3) AMETEK (2) TransDigm (2) Volatus Aerospace (1) Arcline (1)	Sector Aerospace: 56% Defense: 44% Sub-Sector Machined & Cast Parts: 24% MRO & Logistics: 13% Government Services, IT Services, Software: 11% Sensors & C4ISR: 5% Components & Subsystems: 5% Other: 42%
4	France	28 Total Deals (2%) $2.2B Disclosed TEV	Safran (5) Tikehau Capital (2) Airbus (2) HEICO (2) Thales (1)	Sector Aerospace: 48% Defense: 52% Sub-Sector Machined & Cast Parts: 18% Defense Electronics: 18% Components & Subsystems: 11% MRO & Logistics: 7% Distribution: 7% Other: 39%
5	Germany	20 Total Deals (2%) $0.9B Disclosed TEV	Airbus (2) MTU Aero (1) National Instruments (1) FLYHT Aerospace (1) PTC Industries (1)	Sector Aerospace: 65% Defense: 35% Sub-Sector MRO & Logistics: 25% Defense Electronics: 20% Composites: 10% Machined & Cast Parts: 10% Test & Measurement: 10% Other: 25%

Notes: 'Last 3 Years' represents data from Jan-22 through Dec-24. 'Top Buyers' is not exhaustive, many buyers completed 1 deal in the time frame. Ranks 6-10 comprised of Australia (14), Israel (10), Spain (10), Sweden (9), and Italy (9)