Top 5: Largest Aerospace & Defense M&A Deals 2H - 2025

Thermal Business

a portfolio company of

TEV: $9.5B

TEV/Revenue: 5.6x

TEV/EBITDA: 22.5x

Target: Laconia, NH-based Thermal business of Boyd is a designer and manufacturer of advanced thermal management systems including liquid cooling, vapor chambers, heat sinks, and air-cooling assemblies for aerospace, defense, industrial, and high-performance electronics applications. The company develops custom thermal solutions optimized for high-heat, mission-critical environments, delivering reliability and engineered performance.

Buyer: Ireland-based Eaton is a diversified industrial manufacturer specializing in power management, hydraulic, pneumatic, and fuel systems for aerospace and defense. The company delivers integrated components and system-level solutions that enhance efficiency, safety, and performance across aircraft and defense platforms.

Terms: Transaction announced on November 3, 2025. Purchase price was $9.5B, 5.6x and 22.5x FY2026P revenue and EBITDA, respectively.

a portfolio company of

TEV: $2.6B

TEV/Revenue: 4.0x

TEV/EBITDA: 17.9x

Target: Danbury, CT-based ARKA is a provider of optical technologies, information processing and analytics, and communication solutions for private sector and U.S. federal government defense, intelligence, and space markets. The company specializes in remote sensing payloads, EO/IR optical systems, software-based open architectures for data transport, laser-guided weapon threat detection, and optically resilient coatings.

Buyer: Reston, VA-based CACI provides specialized technology and professional services supporting national security, defense, and intelligence missions for U.S. government customers. The company focuses on software, cyber, electronic warfare, and systems integration capabilities addressing complex operational and information-centric challenges.

Terms: Transaction announced on December 22, 2025. Purchase price was $2.6B, 4.0x and 17.9x FY2026P revenue and EBITDA, respectively.

a portfolio company of

TEV: $2.2B

TEV/Revenue: na

TEV/EBITDA: na

Target: Fort Worth, TX-based Novaria is an operator of precision aerospace and defense component manufacturers specializing in machining, coatings, surface treatments, forming, and assemblies. The company delivers engineered solutions for mission-critical parts such as structural assemblies and metal finishing for tier-1 OEMs and subsystem suppliers.

Buyer: San Francisco, CA-based Arcline is a private investment firm focused on acquiring and growing companies in manufacturing, industrial technology, and engineering sectors, including those serving aerospace, defense, energy, and healthcare markets. The company works closely with management teams to drive operational transformation, scale, and long-term growth.

Terms: Transaction announced on November 10, 2025. Purchase price was $2.2B.

TEV: $1.9B

TEV/Revenue: 1.3x

TEV/EBITDA: 10.4x

Target: Italy-based IVECO Defense (IDV) develops and manufactures armored vehicles, multirole vehicles, tactical and logistic vehicles, and robotics and autonomous systems for private sector, international government, and U.S. federal government defense markets. The company specializes in the 4x4, 6x6 Puma, and 8x8 Centauro families.

Buyer: Italy-based Leonardo is a multinational aerospace and defense company specializing in helicopters, avionics, electronics, and cybersecurity systems. The company provides integrated mission systems, aircraft, and sensor capabilities for military, civil, and security sectors.

Terms: Transaction announced on July 30, 2025. Purchase price was $1.9B, 1.3x and 10.4x LTM Jun-25 revenue and EBITDA, respectively.

a subsidiary of

TEV: $1.8B

TEV/Revenue: 3.7x

TEV/EBITDA: 18.4x

Target: Brea, CA-based CAM provides quick-release pins, latches, tube assemblies, critical fasteners, fittings, and other engineered components to private sector and U.S. federal government aerospace and defense markets. The company is comprised of the Bristol, Moeller, 3V Fasteners, Aerofit, QRP, EAP, Voss, and Pirkos & Becker brands.

Buyer: Pittsburgh, PA-based Howmet is a manufacturer of engineered metal products including high-performance aerostructure components, fasteners, and forged parts for aerospace and industrial applications. The company focuses on producing lightweight, durable materials optimized for demanding operational environments.

Terms: Transaction announced on December 22, 2025. Purchase price is expected to be $1.8B, 3.7x and 18.4x FY2026P revenue and EBITDA, respectively.