--- title: A&D Weekly News & Transactions - Week 21 description: The JCP A&D Weekly Report from Monday, May 27th, 2024 covers significant developments in the aerospace and defense industry. image: https://blog.janescapital.com/hubfs/Weekly%20AD%20-%20New/A%26D%20Weekly%20Recap%20-%20Week%2021%20(5.27.24).png --- [![Janes Capital Partners](https://blog.janescapital.com/hs-fs/hubfs/JCP-Logo-Color.png?width=700&height=86&name=JCP-Logo-Color.png "Janes Capital Partners")](https://www.janescapital.com/) [![Janes Capital Partners](https://blog.janescapital.com/hs-fs/hubfs/JCP-Logo-Color.png?width=720&height=89&name=JCP-Logo-Color.png "Janes Capital Partners")](https://www.janescapital.com/) - [Who We Are](https://www.janescapital.com/who-we-are) - [Advisory Services](https://www.janescapital.com/aerospace-defense-advisory-services) - Transactions - [Our Transactions](https://www.janescapital.com/successful-aerospace-defense-ma-transactions) - [Case Studies](https://blog.janescapital.com/case-studies) - Industry Insights - [Key Aerospace & Defense Insights](https://blog.janescapital.com/key-insights) - [A&D Quarterly Reports](https://blog.janescapital.com/quarterly-reports) - [Segment Reports](https://www.janescapital.com/segment-reports) - [A&D Weekly Reports](https://blog.janescapital.com/weekly-ad-news-transactions) - News & Events - [News & Past Events](https://blog.janescapital.com/news-events) - [Upcoming Events](https://www.janescapital.com/aerospace-defense-conferences-networking-events) [Connect with a Banker](https://www.janescapital.com/schedule-a-meeting-1#connect) [Connect with a Banker](https://www.janescapital.com/schedule-a-meeting-1#connect) - [Who We Are](https://www.janescapital.com/who-we-are) - [Advisory Services](https://www.janescapital.com/aerospace-defense-advisory-services) - Transactions - [Our Transactions](https://www.janescapital.com/successful-aerospace-defense-ma-transactions) - [Case Studies](https://blog.janescapital.com/case-studies) - Industry Insights - [Key Aerospace & Defense Insights](https://blog.janescapital.com/key-insights) - [A&D Quarterly Reports](https://blog.janescapital.com/quarterly-reports) - [Segment Reports](https://www.janescapital.com/segment-reports) - [A&D Weekly Reports](https://blog.janescapital.com/weekly-ad-news-transactions) - News & Events - [News & Past Events](https://blog.janescapital.com/news-events) - [Upcoming Events](https://www.janescapital.com/aerospace-defense-conferences-networking-events) [Connect with a Banker](https://www.janescapital.com/schedule-a-meeting-1#connect) A&D Weekly Reports #### Share this [Share on X](https://x.com/intent/post?url=https://blog.janescapital.com/weekly-ad-news-transactions/05-27-2024&text=A%26amp%3BD+Weekly+News+%26amp%3B+Transactions+-+Week+21) [Share on Facebook](https://www.facebook.com/sharer/sharer.php?u=https://blog.janescapital.com/weekly-ad-news-transactions/05-27-2024&t=A%26amp%3BD+Weekly+News+%26amp%3B+Transactions+-+Week+21) [Share on LinkedIn](https://www.linkedin.com/shareArticle?mini=true&url=https://blog.janescapital.com/weekly-ad-news-transactions/05-27-2024&t=A%26amp%3BD+Weekly+News+%26amp%3B+Transactions+-+Week+21) # A&D Weekly News & Transactions - Week 21 by **[Stephen Perry](https://blog.janescapital.com/weekly-ad-news-transactions/author/stephen-perry)** ![](https://blog.janescapital.com/hubfs/Weekly%20AD%20-%20New/A%26D%20Weekly%20Recap%20-%20Week%2021%20(5.27.24).png)   ### Industry Headline News ![US\_Department\_of\_Defense\_Logo](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/US_Department_of_Defense_Logo.png?width=523&height=523&name=US_Department_of_Defense_Logo.png) **The US Department of Defense has greenlit the sale of 12 UH-60M Black Hawk helicopters to Brazil for an estimated $950 million, pending approval by the US Congress** *May 25, 2024 -* Destined for the Brazilian Army, the sale aims to enhance security cooperation and bolster regional stability. Brazil, which already operates Black Hawk helicopters, awaits congressional approval to finalize the deal under the Foreign Military Sales program. [(Air Data News)](https://www.airdatanews.com/us-department-of-defense-approves-sale-of-12-uh-60m-black-hawk-helicopters-to-brazil/) The US Department of Defense has greenlit the sale of 12 UH-60M Black Hawk helicopters to Brazil for an estimated $950 million, pending approval by the US Congress May 25, 2024 - Destined for the Brazilian Army, the sale aims to enhance security cooperation and bolster regional stability. Brazil, which already operates Black Hawk helicopters, awaits congressional approval to finalize the deal under the Foreign Military Sales program. (Air Data News) ![Boeing\_Logo](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/Boeing_Logo.png?width=3840&height=3840&name=Boeing_Logo.png) **Boeing anticipates a challenging 2024 financially, with potential cash usage throughout the year, indicating a slower recovery than initially expected** *May 23, 2024 -* Despite aiming for a $10b free cashflow target by ‘25-'26, CFO Brian West acknowledges it may take longer to achieve, likely due to ongoing challenges in key programs such as the 737 and 787, with efforts focused on maintaining investment-grade status during the acquisition of Spirit AeroSystems. [(Aviation Week)](https://aviationweek.com/air-transport/aircraft-propulsion/boeing-sees-2024-potential-lost-year-financial-growth) Boeing anticipates a challenging 2024 financially, with potential cash usage throughout the year, indicating a slower recovery than initially expected May 23, 2024 - Despite aiming for a $10b free cashflow target by ‘25-'26, CFO Brian West acknowledges it may take longer to achieve, likely due to ongoing challenges in key programs such as the 737 and 787, with efforts focused on maintaining investment-grade status during the acquisition of Spirit AeroSystems. (Aviation Week) ![Lockheed\_Martin\_Logo](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/Lockheed_Martin_Logo.jpg?width=1134&height=1134&name=Lockheed_Martin_Logo.jpg) **Lockheed Martin, with its experience in projects like the F-22 and F-35, is positioned to lead the Next Generation Air Dominance program despite current production issues** *May 23, 2024 -* Boeing may contribute loyal wingman drones, aiding combat capabilities. The U.S. defense industry now revolves around Boeing, Lockheed Martin, and Northrop Grumman, with Lockheed Martin favored for NGAD. [(The National Interest)](https://nationalinterest.org/blog/buzz/lockheed-martin-made-f-22-and-f-35-possible-why-they-will-build-ngad-208797) Lockheed Martin, with its experience in projects like the F-22 and F-35, is positioned to lead the Next Generation Air Dominance program despite current production issues May 23, 2024 - Boeing may contribute loyal wingman drones, aiding combat capabilities. The U.S. defense industry now revolves around Boeing, Lockheed Martin, and Northrop Grumman, with Lockheed Martin favored for NGAD. (The National Interest) ![GE\_Aerospace\_Logo](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/GE_Aerospace_Logo.png?width=500&height=500&name=GE_Aerospace_Logo.png) **GE Aerospace plans to hire over 900 engineers this year, with more than 200 positions based in Southwestern Ohio** *May 22, 2024 -* These roles encompass various engineering levels and will support programs like CFM International’s RISE technology demonstrator and military engine initiatives. GE emphasizes its commitment to innovation and offers talent development programs, targeting both early career engineers and professionals seeking to re-enter the workforce. [(Dayton Daily News)](https://www.daytondailynews.com/local/ge-aerospace-is-hiring-900-engineers-this-year-more-than-200-will-be-in-sw-ohio/YHTV754YEBCMRBI5M2DXSD3NPI/) GE Aerospace plans to hire over 900 engineers this year, with more than 200 positions based in Southwestern Ohio May 22, 2024 - These roles encompass various engineering levels and will support programs like CFM International’s RISE technology demonstrator and military engine initiatives. GE emphasizes its commitment to innovation and offers talent development programs, targeting both early career engineers and professionals seeking to re-enter the workforce. (Dayton Daily News) ![Vista Outdoor](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/Vista%20Outdoor.png?width=500&height=500&name=Vista%20Outdoor.png) **The proposed $1.9b sale of Minnesota-based Vista Outdoor's ammunition business to the Czech arms company has sparked national security concerns among U.S. lawmakers** *May 22, 2024 -* Amidst global arms shortages and ongoing conflicts in Ukraine and Gaza, critics emphasize the need for American ownership to avoid foreign influence from China and Russia. The proposed $1.9b sale of Minnesota-based Vista Outdoor's ammunition business to the Czech arms company has sparked national security concerns among U.S. lawmakers May 22, 2024 - Amidst global arms shortages and ongoing conflicts in Ukraine and Gaza, critics emphasize the need for American ownership to avoid foreign influence from China and Russia. ![Poland Flag](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/Poland%20Flag.png?width=500&height=500&name=Poland%20Flag.png) **Poland has signed a nearly $1b deal to purchase four US-made aerostat-based early warning radar systems, financed by a US loan** *May 22, 2024 -* These systems are capable of detecting missiles, aircraft, drones, and seaborne units will be deployed near Poland's borders with Belarus and Russia's Kaliningrad. The principal contractors include Raytheon, TCOM, ELTA North America, and Avantus Federal. [(Defense News)](https://www.defensenews.com/global/europe/2024/05/22/poland-spends-1-billion-on-us-made-surveillance-aerostats/?utm_source=linkedin&utm_medium=social&utm_campaign=li_dfn) Poland has signed a nearly $1b deal to purchase four US-made aerostat-based early warning radar systems, financed by a US loan May 22, 2024 - These systems are capable of detecting missiles, aircraft, drones, and seaborne units will be deployed near Poland's borders with Belarus and Russia's Kaliningrad. The principal contractors include Raytheon, TCOM, ELTA North America, and Avantus Federal. (Defense News) ![Boeing\_Logo](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/Boeing_Logo.png?width=3840&height=3840&name=Boeing_Logo.png) **Boeing will invest C$240m in Canadian aerospace development projects as part of a deal to sell Poseidon military surveillance planes to Ottawa** *May 21, 2024 -* The investment will fund an aerospace innovation zone, a center for a four-seat air taxi, and a firm researching advanced landing gear in Quebec. [(Reuters)](https://www.reuters.com/business/aerospace-defense/boeing-invest-c240-mln-canadian-aerospace-development-2024-05-21/) Boeing will invest C$240m in Canadian aerospace development projects as part of a deal to sell Poseidon military surveillance planes to Ottawa May 21, 2024 - The investment will fund an aerospace innovation zone, a center for a four-seat air taxi, and a firm researching advanced landing gear in Quebec. (Reuters) ![Saudia Group](https://blog.janescapital.com/hs-fs/hubfs/Weekly_AD/Logos/Saudia%20Group.png?width=500&height=500&name=Saudia%20Group.png) **At the Riyadh conference, Saudia Group overshadowed Boeing by placing an order for 105 Airbus narrow-body aircraft, including 12 A320neos and 93 A321neos** *May 20, 2024 -* This is the largest order in Saudi history and marks a significant win for Airbus, especially after Boeing's anticipated Saudi business failed to materialize. [(Yahoo! Finance)](https://finance.yahoo.com/news/saudia-group-agrees-largest-ever-092940366.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAADrvnXwLMwT1uPOmddReOWLr4Ho8DF0swSswM4ZCn6an4KNDxfzhRVpN5e7Ls0r2cB4kkHDc_vpecP5SazRVkCvXy40XQdN7iQUj-6kXljERsG3oAZSgs8hhw92lS_TK5ydqurneKnMrs2_pbbgJadIRnGWFaVIQHOr_aNn8r_Cb) At the Riyadh conference, Saudia Group overshadowed Boeing by placing an order for 105 Airbus narrow-body aircraft, including 12 A320neos and 93 A321neos May 20, 2024 - This is the largest order in Saudi history and marks a significant win for Airbus, especially after Boeing's anticipated Saudi business failed to materialize. (Yahoo! Finance) ### Weekly Transaction Review | **No.** | **Parties Involved** | **Transaction Metrics** | **Location** | **Segment** | | | | --- | --- | --- | --- | --- | --- | --- | | | **Target \[Parent\]** Acquirer \[Parent\] | Price ($M) | Price/ Revenue | Price/ EBITDA | Target | Target | | 1 | **Earth Resources Technology** Macquarie Group | - | - | - | Laurel, MD | Government Services, IT Services and Software | | 2 | **Get SAT**Thales S.A. | - | - | - | Rehovot, Israel | Satellite, Satellite Services & Space Systems | | 3 | **SEI Industries** TransDigm | $170.0 | 5.7x | - | Delta, Canada | Special defense Systems and Services | | 4 | **CyberSheath Services \[Lightview Capital\]** BV Investment Partners | - | - | - | Reston, VA | Cybersecurity, Intelligence Services and Homeland Defense | | **No.** | **Target Descriptions** | | --- | --- | | 1 | Earth Resources Technology integrates full-spectrum science and technology solutions for Federal government organizations, tackling demanding projects in Earth and space science missions, engineering and IT systems, and environmental services. | | 2 | Get SAT is a provider of micronized satellite communication terminals. The Company's product portfolio includes InterFlat, a miniaturized flat-panel antenna technology that fully integrates with electronics and software to ensure reliable operations worldwide. | | 3 | SEI is a provider of highly engineered products for aerial firefighting and other liquid transportation solutions, such as remote refueling for private sector, international government, and U.S. federal government defense markets. | | 4 | CyberSheath Services offers managed security services to help defense contractors navigate information technology, governance, and cybersecurity challenges and achieve compliance and operational security. | ### Selected Janes Capital Partners A&D Experience ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/Schatz%20Bearing%20Arxis%20(2).jpg) [Arxis Acquires Schatz Bearing Corporation](https://blog.janescapital.com/news-events/arxis-acquires-schatz-bearing-corporation) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/TDG%20Undisclosed%202.jpg) [TransDigm Group Acquires an Undisclosed Provider of Proprietary Aerospace Instrumentation and Sensing Solutions](https://blog.janescapital.com/news-events/transdigm-group-undisclosed-provider-proprietary-aerospace-instrumentation) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/Cook%20Defence%20HEICO-1.png) [Cook Defence Systems Acquired by HEICO](https://blog.janescapital.com/news-events/cook-defence-systems-has-been-acquired-by-heico) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/Exo-Anduril-Tombstone.png) [ExoAnalytic Solutions Acquired by Anduril](https://blog.janescapital.com/news-events/exoanalytic-solutions-has-agreed-to-be-acquired-by-anduril) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/ScanfiberComposites.png) [Scanfiber Has Been Acquired by Fjord Defence](https://blog.janescapital.com/news-events/scanfiber-has-been-acquired-by-fjord-defence) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/TDG%20Undisclosed%20Tombstone.png) [TransDigm Group Acquires an Undisclosed Provider of Defense Products](https://blog.janescapital.com/news-events/transdigm-group-undisclosed-provider-defense-electronics) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/OSL%20Terma.png) [OSL Technology Has Been Acquired by Terma A/S](https://blog.janescapital.com/news-events/osl-acquired-by-terma) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/ACC-Arcline.png) [American Casting Company Receives Strategic Investment from Arcline](https://blog.janescapital.com/news-events/janes-capital-partners-advises-american-casting-company-on-its-strategic-investment-by-arcline) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/Digital_Barriers_ARC_Group.png) [Digital Barriers Has Been Acquired by TJC-Backed ACR Group](https://blog.janescapital.com/news-events/digital-barriers-has-been-acquired-by-tjc-based-acr-group) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/HTS-BTX%20Precision.jpg) [High Tech Solutions Has Been Acquired By BTX Precision](https://blog.janescapital.com/news-events/high-tech-solutions-acquired-by-btx-precision) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/Leichtwerk%20AG%20Rheinmetall.png) [Assets of Leichtwerk AG Acquired by Rheinmetall AG](https://blog.janescapital.com/news-events/assets-of-leichtwerk-ag-acquired-by-rheinmetall-ag) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/ETL%20-%20IRT.png) [ETL Systems has acquired IRT Technologies](https://blog.janescapital.com/news-events/etl-systems-has-acquired-irt-technologies) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/McStarlite-Tombstone-FI.png) [McStarlite Company has been acquired by Standex International Corporation](https://blog.janescapital.com/news-events/mcstarlite-company-acquired-by-standex-international-corporation) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/HEICO%20-%20MC2%20%20Blog%20Tombstone.png) [Mid Continent Controls acquired by HEICO Corporation](https://blog.janescapital.com/news-events/mid-continent-controls-acquired-by-heico-corporation) Read More ![](https://blog.janescapital.com/hubfs/Raptor%20Tombstone%20-%20JCP%20Website-1.png) [TransDigm Group Acquires Raptor Scientific](https://blog.janescapital.com/news-events/transdigm-group-acquires-raptor-scientific) Read More ![](https://blog.janescapital.com/hubfs/JCP_Tombstones/Sentient-Shield_AI_Tombstone_400x400.png) [Sentient Vision Systems Acquired by Shield AI](https://blog.janescapital.com/news-events/sentient-vision-systems-acquired-by-shield-ai) Read More Load More Transactions ### Janes Capital Partners Team Contact Information ![Picture2-1](https://blog.janescapital.com/hs-fs/hubfs/Website%20Imagery/Team%20Members/Picture2-1.jpeg?width=960&height=960&name=Picture2-1.jpeg) #### Stephen Perry *Managing Director* [Email Stephen](mailto:sperry@janescapital.com)[(949) 769-3323 x6901](tel:9497693323) ![Ken-white-1-1](https://blog.janescapital.com/hs-fs/hubfs/Website%20Imagery/Team%20Members/Ken-white-1-1.png?width=960&height=960&name=Ken-white-1-1.png) #### Ken Fukumoto *Director* [Email Ken](mailto:kfukumoto@janescapital.com) [(949) 769-3323 x6904](tel:9497693323) ![Chris-white-1-1](https://blog.janescapital.com/hs-fs/hubfs/Website%20Imagery/Team%20Members/Chris-white-1-1.png?width=1200&height=1200&name=Chris-white-1-1.png) #### Chris Reinecke *Vice President* [Email Chris](mailto:cwreinecke@janescapital.com) [(949) 769-3323 x6905](tel:9497693323) ![Bruce-white-1-1](https://blog.janescapital.com/hs-fs/hubfs/Website%20Imagery/Team%20Members/Bruce-white-1-1.png?width=1200&height=1200&name=Bruce-white-1-1.png) #### Bruce Renner *Analyst* [Email Bruce](mailto:brenner@janescapital.com) [(949) 769-3323 x6906](tel:9497693323) ### Subscribe to A&D Weekly #### Share this [Share on X](https://x.com/intent/post?url=https://blog.janescapital.com/weekly-ad-news-transactions/05-27-2024&text=A%26amp%3BD+Weekly+News+%26amp%3B+Transactions+-+Week+21) [Share on Facebook](https://www.facebook.com/sharer/sharer.php?u=https://blog.janescapital.com/weekly-ad-news-transactions/05-27-2024&t=A%26amp%3BD+Weekly+News+%26amp%3B+Transactions+-+Week+21) [Share on LinkedIn](https://www.linkedin.com/shareArticle?mini=true&url=https://blog.janescapital.com/weekly-ad-news-transactions/05-27-2024&t=A%26amp%3BD+Weekly+News+%26amp%3B+Transactions+-+Week+21) [![Janes-Capital-Partners-25th-Year-Anniversary](https://blog.janescapital.com/hs-fs/hubfs/25-Year-White.png?width=100&height=81&name=25-Year-White.png "Janes-Capital-Partners-25th-Year-Anniversary")](https://www.janescapital.com/) ##### Janes Capital Partners, Inc. 100 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