Top 5: Largest Defense & Space Technology Deals (Last 3 Years)

TEV: $5.6B

TEV/Revenue: 2.5x

TEV/EBITDA: 18.1x

Target: Broomfield, CO-based Ball Aerospace & Technologies develops spacecraft, sensors, mission systems, and advanced technologies supporting defense, intelligence, civil, and commercial space missions. The company provides satellite systems, electro-optical payloads, space domain awareness technologies, and tactical sensing solutions designed for national security and space operations.

Buyer: United Kingdom-based BAE Systems develops and manufactures advanced defense, intelligence, and space technologies supporting air, land, sea, cyber, and space missions worldwide. The company provides electronic warfare systems, mission electronics, autonomous platforms, secure communications, space payloads, and other mission-critical technologies for military and government customers.

Terms: Transaction announced August 17, 2023. Purchase price was $5.6B, 2.5x and 18.1x FY2023P revenue and EBITDA, respectively. 

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 was $5.0B, inclusive of a $600M earnout, 10.5x and 23.4x FY2025E revenue and adj. EBITDA, respectively. 

a portfolio company of

TEV: $4.1B

TEV/Revenue: 4.6x

TEV/EBITDA: 27.0x

Target: Huntsville, AL-based BlueHalo develops advanced defense technologies spanning counter-UAS, space systems, directed energy, electronic warfare, communications, and autonomous platforms. The company supports national security missions through integrated hardware, software, and sensing solutions designed for contested and multi-domain operational environments.

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 was $4.1B, 4.6x and 27.0x FY2025P revenue and EBITDA, respectively.

a portfolio company of

TEV: $2.6B

TEV/Revenue: 4.0x

TEV/EBITDA: 17.9x

Target: Danbury, CT-based ARKA develops advanced space, missile defense, and intelligence technologies supporting national security missions across the space and defense domains. The company provides satellite payloads, ground systems, missile warning technologies, space domain awareness solutions, and mission software supporting critical government and defense programs.

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: $1.9B

TEV/Revenue: 2.4x

TEV/EBITDA: 14.0x

Target: Arlington, VA-based CAES provides systems that move data through off-the-shelf and customized products including RF, microwave, and high reliability microelectronics, antenna subsystems and motion control. The company provides Electronic Attack (EA), Electronic Protection (EP), and Electronic Warfare Support (EP) capabilities specifically designed and built for air, land and maritime operations.

Buyer: Charlotte, NC-based Honeywell is a provider of aerospace products and services, control technologies for buildings, homes and industry, automotive products, power generation systems, specialty chemicals, fibers, plastics, and advanced materials.

Terms: Transaction announced on June 20, 2024. Purchase price was $1.9B, 2.4x and 14.0x FY2024P revenue and EBITDA, respectively.