Top 5: Largest Aerospace & Defense M&A Deals 1H - 2025

Portions of the Digital Aviation Solutions business

TEV: $10.6B

TEV/Revenue: na

TEV/EBITDA: 16.0x

Target: Englewood, CO-based Digital Aviation Solutions of Boeing divested portions of its business including the Jeppesen, ForeFlight, AerData and OzRunways operations. The acquired businesses assist pilots and flight departments in planning flights, increasing flight safety and efficiency and are widely used across personal, corporate, air transport, and government operations. The businesses also provide computerized flight planning, aviation information management, weather and navigation data, maintenance information, pilot training systems and supplies.

Buyer: Chicago, IL-based Thoma Bravo is a global private equity firm specializing in software and technology investments, with over $180 billion under management and a focus on enterprise, infrastructure, and cybersecurity sectors. 

Terms: Transaction announced on April 22, 2025. Purchase price is expected to be $10.6B, 16.0x FY2025E EBITDA.

a portfolio company of

TEV: $5.0B

TEV/Revenue: 10.5x

TEV/EBITDA: 23.4x

Target: Los Angeles, CA-based Silvus specializes in the development of Multiple Input Multiple Output (MIMO) communication technology, which has applications in the transmission of high fidelity video, voice and data in harsh conditions. The company has developed the world's first MIMO radio optimized for tactical applications. 

Buyer: Chicago, IL-based Motorola Solutions is a provider of mission-critical communication platforms and integrated security systems, focusing on land mobile radios, video surveillance, command center software, and managed services. The company supports public safety, government, and enterprise clients with hardened technologies designed to remain operational in extreme and high-demand environments.

Terms: Transaction announced on May 27, 2025. Purchase price is expected to be $5.0B, inclusive of a $600M earnout, 10.5x and 23.4x FY2025E revenue and adj. EBITDA, respectively. 

and

TEV: $3.0B

TEV/Revenue: 2.5x

TEV/EBITDA: 19.1x

Target: Radnor, PA-based Triumph is a provider of design, production and service for aircraft systems and components including actuation, fuel systems, hydraulics, geared solutions, MRO services for private sector and U.S. federal government aerospace and defense markets.

Buyer: New York, NY-based Warburg Pincus is a private equity firm focused on growth investing across various industries, including technology, healthcare, energy, and financial services. Boston, MA-based Berkshire Partners is a private equity firm that invests in mid-sized companies across sectors such as consumer, business services, industrials, and technology.

Terms: Transaction announced on February 3, 2025. Purchase price is expected to be $3.0B, 2.5x and 19.1x TTM Dec-24 revenue and EBITDA, respectively.

a portfolio company of

TEV: $1.6B

TEV/Revenue: 6.5x

TEV/EBITDA: na

Target: United Kingdom-based Ultra PCS is a provider of high-integrity control products for aerospace, military vehicle and soldier applications. The company supports military and civil aerospace customers by providing electronic, electro-mechanical and pneumatic solutions for safety-critical and high-integrity applications.

Buyer: Ireland-based Eaton is a global provider of power management solutions, specializing in aerospace fuel, hydraulic, pneumatic, and lubrication systems. The company develops integrated platforms that deliver improved efficiency, safety, and performance across aircraft and defense platforms.

Terms: Transaction announced on June 16, 2025. Purchase price is expected to be $1.6B, 6.5x FY2025E revenue. 

Precision Sensors & Instrumentation product line

TEV: $1.2B

TEV/Revenue: 2.9x

TEV/EBITDA: 19.2x

Target: Billerica, MA-based Precision Sensors & Instrumentation product line specializes in advanced instrumentation and sensor technologies, focusing on pressure, flow, gas, moisture, and radiation measurement under brands like Druck, Panametrics, and Reuter‑Stokes. The product line serves critical aerospace, defense, and industrial applications.

Buyer: Stamford, CT-based Crane is a diversified manufacturer and distributor of technologically advanced components, specializing in motion control, sensing, and filtration systems for aerospace, defense, and industrial markets. The company offers integrated solutions including hydraulic actuators, fuel system components, and engineered materials to support critical applications.

Terms: Transaction announced on June 9, 2025. Purchase price is expected to be $1.2B, 2.9x and 19.2x FY2025E revenue and adjusted EBITDA, respectively.