A&D Weekly News & Transactions - Week 22

Industry Headline News

Space Force Awards SpaceX $4.16B to Build Satellite Network for Airborne Target Tracking
May 29, 2026 - The U.S. Space Force awarded SpaceX a $4.16 billion contract to develop the first phase of a satellite constellation designed to track airborne targets, including aircraft, cruise missiles, and hypersonic weapons. The system is intended to provide global coverage from low Earth orbit and complement existing airborne surveillance platforms by adding a space-based tracking capability. SpaceX is expected to deploy an initial operational constellation by 2028 using its Starshield platform, while the Space Force plans to bring in additional contractors as the program expands. (SpaceNews)

Founder of Hydrogen Aviation Startup ZeroAvia Steps Down
May 29, 2026 - The founder and chief executive of hydrogen aviation company ZeroAvia has stepped down from his leadership role. The company stated that the transition is part of its next phase of growth and commercialization efforts. ZeroAvia continues to develop hydrogen-electric propulsion technology for use in regional aircraft. (AeroTime)

FAA Administrator Signals 777X Certification In 2027
May 28, 2026 - The head of the Federal Aviation Administration indicated that Boeing’s 777X aircraft could receive certification in 2027. The program has experienced multiple delays related to testing, certification, and regulatory reviews. Certification would allow Boeing to begin deliveries of the aircraft to airline customers, including launch customer Lufthansa. (Aviation Week)

Carlyle CEO Sees Market for Defense Investments as 'Unlimited'
May 27, 2026 - Carlyle CEO Harvey Schwartz said the firm sees significant investment opportunities in the defense sector as governments around the world continue to increase military spending. To capitalize on the trend, Carlyle recently established a dedicated investment unit focused on defense, aerospace, and industrial businesses. Schwartz noted that the volume of potential opportunities is large enough that the firm is selectively pursuing larger transactions, including deals valued at $200 million to $300 million. (Reuters)

Pentagon Taps Raytheon for $1B NASAMS Sale to Kuwait
May 27, 2026 - The U.S. Department of Defense has awarded Raytheon a $1 billion contract to provide National Advanced Surface-to-Air Missile System (NASAMS) fire units to Kuwait, with work expected to continue through May 2031. NASAMS is a ground-based air defense system designed to defend against aircraft, drones, and cruise missiles using medium- to long-range interceptors. The contract follows a series of recent Kuwaiti defense investments, including naval modernization programs, ammunition production capabilities, and support for its Patriot missile defense systems. (The Defense Post)

Boeing CEO Kelly Ortberg Says 'We’re Off And Rolling’ After FAA Clearance To Produce 47 737 Max Jets A Month
May 27, 2026 - Boeing CEO Kelly Ortberg stated that the company remains focused on stabilizing production and improving operational performance across its commercial aircraft programs. He noted progress in manufacturing quality and supply chain execution as Boeing works to increase aircraft deliveries. The comments come as the company continues efforts to recover from production disruptions and regulatory scrutiny experienced in recent years. (Yahoo Finance)

Applied Aerospace & Defense Eyes $3.59B Valuation in US IPO
May 26, 2026 - Applied Aerospace & Defense is seeking a valuation of approximately $3.59 billion through a planned U.S. initial public offering. The company manufactures aerospace and defense components used across military and commercial platforms. The IPO is expected to provide capital for future growth and expansion as demand remains strong across the sector. (Reuters)

Weekly Transaction Review

No.	Parties Involved	Transaction Metrics			Location	Segment
	Target [Parent] Acquirer [Parent]	Price ($M)	Price/ Revenue	Price/ EBITDA	Target	Target
1	Adaptive Dynamics DTC Communications [Codan]	$15.0	-	-	San Diego, CA	Defense Electronics
2	Secuvant Cycurion	$2.9	1.0x	1.9x	Farmington, UT	Cybersecurity, Intelligence Services and Homeland Defense
3	Blue White Robotics Flying Production [Elbit Systems]	-	-	-	Tel-Aviv, Israel	Unmanned Vehicles
4	Markforged [Nano Dimension] Statasys	$47.5	0.7x	-	Waltham, MA	Machined & Cast Parts
5	Shimco Avantus Aerospace	-	-	-	Cambridge, Canada	Machined & Cast Parts
6	Manufacturing Engineering business of Daher Industrial Services [Daher] Sopra Steria	-	-	-	Marseille, France	Engineering and Project Management

No.	Target Descriptions
1	Adaptive Dynamics is a manufacturer of anti-jamming and interference mitigation technologies for private sector and U.S. federal government aerospace and defense markets. The company's products are designed for mission-critical communications and assured positioning navigation and timing (A-PNT) applications with capabilties spanning intentional and unintentional interference cancellation, signal enhancement, and adaptive filtering techniques applicable to defense and national security systems.
2	Secuvant provides cybersecurity consulting, managed security, and risk management services for government, defense, and commercial organizations. The company supports customers through security assessments, compliance programs, threat monitoring, incident response, and cybersecurity strategy development.
3	Blue White is a developer of AI-powered autonomous solutions for off-road and defense applications in private sector, international, and U.S. federal government markets. The company's products include Pathfinder, an autonomy kit for converting conventional vehicles to fully autonomous, and Compass, a cloud-based fleet operations software platform which transforms ground vehicles into fully autonomous, intelligent fleets capable of executing complex missions in rugged environments.
4	Markforged is a provider of additive manufacturing solutions and specializes in producing high-strength parts using continuous carbon fiber reinforcement and metal 3D printing technologies for private sector and U.S. federal government markets. The company's The Digital Forge is an industrial platform integrating 3D printers, software, and advanced materials.
5	Shimco manufactures precision shims, laminated shim stock, and machined spacers used in aerospace and defense assembly applications. The company supports aircraft production and maintenance programs with custom-engineered shimming solutions designed to ensure precise fit, alignment, and structural integrity.
6	The Engineering Manufacturing business provides engineering, industrialization, and manufacturing services supporting aerospace and defense production programs. The business specializes in complex aerostructures, tooling, assembly, and production support activities that help OEMs optimize manufacturing efficiency and program execution.