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Read the latest Aerospace & Defense Quarterly Report from Janes Capital Partners. The report provides topical coverage of the Aerospace & Defense industry, providing news briefs, developments of key platforms, analytics supporting M&A trends and an in-depth analysis of featured transactions and acquirers in the Aerospace & Defense industry. The Q4 2025 edition delves into the details and strategic drivers behind Molex's acquisition of Smiths Interconnect, an update on active A&D acquirer Karman Space & Defense, and a look into the latest information on the Tracking Layer Tranche 3.
Executive Summary
There were 131 A&D deals announced in Q4 2025, which was an increase from the number of deals announced during Q3 2025.
Year-over-year quarterly transaction volume increased by 20.2% compared to the 109 deals announced during Q4 2024.
Average disclosed deal size during the quarter increased to $1,179 million compared to $437 million during Q3 2025.
The most active segments in terms of number of M&A deals were:
- Government Services, IT Services and Software (24 deals)
- Machined & Cast Parts (21 deals)
- Defense Electronics (11 deals)
- Components & Subsystems (9 deals)
- Cybersecurity, Intelligence Services and Homeland Defense (9 deals)
The top 3 segments in terms of disclosed transaction values were:
- Components & Subsystems ($12,750 million)
- Defense Electronics ($10,916 million)
- Satellite, Satellite Services & Space Systems ($3,756 million)