Top 5: Largest Aerospace & Defense M&A Deals 2H - 2024

TEV: $8.4B

TEV/Revenue: 1.3x

TEV/EBITDA: nm

Target: Wichita, KS-based Spirit AeroSystems is a manufacturer of aerostructures for commercial airplanes, defense platforms, and business/regional jets. The company's core products include fuselages, integrated wings and wing components, pylons, and nacelles.

Buyer: Arlington, VA-based Boeing designs, develops, manufactures, sells, services and supports commercial jetliners, military aircraft, satellites, missile defense, C4ISR, human spaceflight launch systems, and logistics support services.

Terms: Transaction announced on July 1, 2024. Purchase price is expected to be $8.3B in an all-stock transaction, 1.3x 2023A revenue. 

a portfolio company of

TEV: $4.1B

TEV/Revenue: 4.6x

TEV/EBITDA: 27.0x^[1]

Target: Huntsville, AL-based BlueHalo develops, manufactures and provides a wide variety of defense technology solutions for space (on-orbit control systems, phased arrays, communication payloads), C-UAS (precision target acquisition & tracking systems, autonomous swarming platforms) and electronic warfare & cyber (support, operations and services for technology including cyber and SIGINT).

Buyer: Arlington, VA-based AeroVironment designs and produces unmanned aircraft systems (UAS) and related technologies for defense, government, and commercial applications. The company provides innovative solutions for surveillance, reconnaissance, and precision targeting.

Terms: Transaction announced on November 19, 2024. Purchase price is expected to be $4.1B in an all-stock transaction, 4.6x and 27.0x[1] FY2025P revenue and adj. EBITDA, respectively. 

TEV: $3.6B

TEV/Revenue: 2.3x

TEV/EBITDA: 10.8x

Target: Bristol, CT-based Barnes is an international manufacturer and repair service provider of industrial and aerospace products. The company operates in two segments which collectively manufacture machined and fabricated components and assemblies for aircraft engine and airframe builders as well as customized hot runner systems, high precision molds, components, and system solutions for complex plastic injection molding applications.

Buyer: New York, NY-based Apollo is a global alternative asset manager. The firm targets investments in the business services, chemicals, consumer services, consumer & retail, financial services, leisure, manufacturing & industrial, TMT, and natural resources markets.

Terms: Transaction announced on October 7, 2024 and completed on January 27, 2025. Purchase price was $3.6B, 2.3x and 10.8x LTM Q3-24 revenue and EBITDA, respectively.

TEV: $3.1B

TEV/Revenue: 1.6x

TEV/EBITDA: 69x

Target: Wilmington, OH-based Air Transport Services Group is a provider of air cargo transportation and related services to domestic and foreign air carriers and other companies that outsource their air cargo lift requirements. The company operates through its principal subsidiaries, which include two airlines with separate and distinct U.S. FAA Part 121 Air Carrier certificates. The company also provides air cargo lift, aircraft leasing, aircraft maintenance services, and airport ground services.

Buyer: New York, NY-based Stonepeak Partners is an investment firm focusing on infrastructure and real assets across sectors such as energy, transportation, and communications. The company targets sustainable growth and operational improvement to generate long-term value.

Terms: Transaction announced on November 4, 2024. Purchase price is expected to be $3.1B, 1.6x and 6.9x TTM Sep-24, respectively.

OWN & DAS Businesses

TEV: $2.1B

TEV/Revenue: 1.8x

TEV/EBITDA: 7.0x

Target: Ashburn, VA-based The Outdoor Wireless Networks (OWN) & Distributed Antenna Systems (DAS) Businesses provide base station antennas, radio frequency (RF) filters, tower connectivity, microwave antennas, metro cell products, cabinets, steel, accessories and contains CommScope's wireless spectrum management business, Comsearch.

Buyer: Wallingford, CT-based Amphenol designs, manufactures and markets electrical, electronic and fiber optic connectors, interconnect systems, antennas, sensors and sensor-based products and coaxial and high-speed specialty cables.

Terms: Transaction announced on July 18, 2024 and was completed on January 31, 2025. Purchase price was $2.1B, 1.8x and 7.0x FY2024P revenue and EBITDA, respectively.