A&D Weekly News & Transactions - Week 25

Industry Headline News

3D Printing Company Divergent to Produce Tomahawk Structure at New Factory, CEO Says
June 17, 2026 - Divergent Technologies plans to begin production of a key structural component for the Tomahawk cruise missile in 2027 at a new 430,000-square-foot facility in Long Beach, California. The company was selected by Raytheon as a second-source supplier for the missile’s midbody structure and has already begun producing prototype units. Once operational, the facility will be capable of producing up to 30,000 missile airframes or 60,000 warhead casings annually using advanced 3D-printing technology. (Breaking Defense)

Air Force Picks General Atomics, Anduril to Build First CCA Drone Wingmen
June 17, 2026 - The U.S. Air Force has selected Anduril and General Atomics to build its first Collaborative Combat Aircraft (CCA), autonomous drone wingmen designed to operate alongside crewed fighter aircraft. The service plans to field more than 150 aircraft by the end of the decade and has requested funding for both development and initial production beginning in fiscal 2027. Separately, Anduril, Shield AI, and Collins Aerospace were selected to continue competing to provide the autonomy software that will control the drones. (Breaking Defense)

Airbus Opens 10th A320 Final Assembly Line at Repurposed Toulouse A380 Facility
June 16, 2026 - Airbus has opened its 10th A320 family final assembly line at its Toulouse, France facility, repurposing part of the former A380 production site. The new line is intended to increase production capacity and support Airbus' goal of producing 75 A320 family aircraft per month by the end of 2027. The expansion will nearly double the workforce at the facility and is part of Airbus' broader effort to meet strong demand for A320neo-family aircraft, particularly the A321neo. (AeroTime)

L3Harris is Said to Tap JPMorgan, Morgan Stanley for Axyv Missile Unit IPO
June 16, 2026 - L3Harris Technologies has reportedly engaged JPMorgan and Morgan Stanley to evaluate a potential initial public offering of its AXYV missile systems business. The unit, which includes missile propulsion and related technologies acquired through L3Harris’ purchase of Aerojet Rocketdyne, has become a key part of the company’s defense portfolio. The potential IPO comes shortly after the U.S. Department of Defense announced a $1 billion investment to expand missile production capacity and strengthen the defense industrial base. (Seeking Alpha)

Aerospace Parts Maker Doncasters Targets $4.4B Valuation in US IPO
June 15 2026 - Aerospace and industrial components manufacturer Doncasters is seeking a valuation of up to $4.4 billion in its planned U.S. initial public offering. The company supplies precision-engineered components used in aerospace, defense, and industrial applications. The IPO would be a major milestone in Doncasters' turnaround. After completing a debt restructuring in 2020 and coming under lender ownership, the company has more than doubled its revenue while investing over $170 million to expand production capacity and upgrade its facilities. (Reuters)

GM in Talks to Supply Weapons Parts to Lockheed Martin, WSJ Reports
June 15, 2026 - General Motors is in discussions with Lockheed Martin about manufacturing components for the defense contractor’s weapons systems. The companies are reportedly evaluating whether GM could produce commonly used parts to help increase munitions production as demand continues to rise. The talks are part of broader efforts by the U.S. defense industry and the Pentagon to expand manufacturing capacity and strengthen supply chains. GM and Lockheed Martin have also announced a collaboration focused on production readiness, supply chain resilience, and advanced manufacturing, although specific projects have not yet been disclosed. (Reuters)

Weekly Transaction Review

No.	Parties Involved	Transaction Metrics			Location	Segment
	Target [Parent] Acquirer [Parent]	Price ($M)	Price/ Revenue	Price/ EBITDA	Target	Target
1	North Star Scientific GALT Aerospace [Godspeed Capital]	-	-	-	Kapolei, HI	Defense Electronics
2	Satellite and Space Communications business of Comtech Telecommunications [Comtech Telecommunications] Gilat Satellite Networks	$157.5	0.8x	9.4x	Chandler, AZ	Satellite, Satellite Services & Space Systems
3	Aerospace Contacts [JW Hill Capital] ITT	$31.0	-	-	Gilbert, AZ	Machined & Cast Parts
4	VECCO [AIAC] Cendry Capital	-	-	-	Sterling Heights, MI	Machined & Cast Parts
5	Novium Lyntris [Trive Capital]	-	-	-	Webster, TX	Controls & Systems
6	AstroNova Arcline	$272.0	1.8x	22.1x	West Warwick, RI	Components & Subsystems
7	HGH Infrared Systems [Carlyle] Theon International	$344.0	7.5x	18.8x	Igny, France	Sensors & C4ISR
8	Swiss Technology Group TTM Technologies	-	-	-	Zurich, Switzerland	Defense Electronics
9	ILFA TTM Technologies	-	-	-	Hannover, Germany	Defense Electronics
10	EMC Aerospace Aptus Aero [The Stephens Group]	-	-	-	Miami, FL	MRO & Logistics
11	Exolaunch EQT	-	-	-	Berlin, Germany	Satellite, Satellite Services & Space Systems
12	EST Energetics [General Atomics] Diehl	-	-	-	Rotherburg, Germany	Specialty Defense Systems and Services
13	Custom Alloy [JF Lehman] Forged Solutions Group [JF Lehman]	-	-	-	High Bridge, NJ	Machined & Cast Parts
14	Cyberhawk Technologies Ondas Holdings	$125.0	2.8x	-	Golden, CO	Unmanned Vehicles
15	Blue Canyon Technologies [RTX] MDA Space	$620.0	3.9x	19.4x	Lafayette, CO	Satellite, Satellite Services

No.	Target Descriptions
1	NSS is a manufacturer of high-reliability communications, radar, and radio frequency (RF) systems for command & control, electronic sensing, and airborne early warning & control (AEW&C) applications. The company specializes in high-power RF amplifiers, transmitters, next-generation antennas, and electronically scanned arrays.
2	Comtech's satellite and space communications business designs, builds, and supports space-related communications equipment for commercial businesses and governments worldwide. The business specializes in high-throughput cellular backhaul solutions, troposcatter communications equipment, satellite ground station systems, electronic components engineered for use in outer space, and high-powered RF/microwave amplifiers and control components.
3	Aerospace Contacts is a provider of highly engineered, short lead-time contacts and hardware for the harsh environment connector industry. The company specializes in manufacturing MIL-SPEC contacts with modified terminations for the aerospace industry and contact assemblies of custom design.
4	VECCO is a manufacturer of aero-engine components for private sector and U.S. federal government aerospace and defense markets. The company specializes in the production of aero engine components up to 80" in diameter involving complex welding or special coatings requirements as well as high value machined components with thin-walls or high levels of machining complexity.
5	Novium is a developer of high-precision motion systems for private sector and U.S. federal government defense and space markets. The company specializes in robotic arms and rovers, radiation-hardened motor controllers, gimbals, and the software and embedded systems that drive them.
6	AstroNova develops and manufactures aerospace data acquisition, flight deck printing, airborne networking, and data visualization systems for private sector and U.S. federal government aerospace and defense markets. The company's platform combines ruggedized printers, networking hardware, and high-performance data acquisition systems to support flight operations, testing, monitoring, diagnostics, and operational decision-making in safety-critical applications.
7	HGH is a developer of optoelectronics, infrared systems, and software for private sector and international government surveillance markets. The company's SPYNEL platform is a family of panoramic infrared surveillance systems that provides continuous 360-degree thermal imaging and long-range threat detection for defense, security, and critical infrastructure applications. HGH's CYCLOPE product is an artificial intelligence-enabled command and control software platform designed to process, analyze, and manage data from panoramic infrared surveillance sensors and other security systems.
8	STG is a developer of rigid, rigid-flex, and flex printed circuit board ("PCB") solutions as well as manufacturing and coating capabilities for miniaturized microcircuits. STG operates facilities in both Switzerland and Germany and boasts a global customer base that includes leading manufacturers in surgical robotics, hearing aids, medical imaging, and implantable solutions.
9	ILFA manufactures rigid, flexible, or rigid-flex PCBs, and also adds CAD services to enhance prototyping and production for various PCB designs. ILFA also possesses multiple strategically valuable certifications for electro-optical PCBs, processes for embedding components, and the integration of fluid channels.
10	EMC Aerospace is an FAA, EASA, UK CAA, and DGCA-certified repair station specializing in the maintenance, repair, overhaul, exchange, and sale of aircraft accessories and components. The company supports commercial, regional, business, and military aviation operators through capabilities spanning power generation, hydraulic, pneumatic, fuel, electrical, and electromechanical systems, including IDGs, generators, starter generators, pumps, valves, and actuators.
11	Exolaunch is a provider of mission management, satellite integration, and deployment technologies for private sector, international, and U.S. federal government space markets. The company specializes in launch program planning, end-to-end mission management, launch capacity procurement, satellite integration, testing, logistics and orbital deployment. Exolaunch has successfully deployed over 790 satellites across 47 missions for over 200 commercial and government customers from North America, Europe, Asia and the Middle East.
12	EST Energetics is a provider of demilitarization of conventional munitions and explosives solutions for private sector and allied defense markets. The company specializes in the recycling of lithium-metal batteries, airbag disposal, the recycling of fireworks, as well as the demilitarization of military equipment.
13	Custom Alloy is a manufacturer of highly specialized alloyed forgings, fittings, and welded pipe fittings for private sector and U.S. federal government defense markets. The company's open and closed die forging expertise is further complemented by its in-house conversion, machining, heat treatment, and testing capabilities.
14	Cyberhawk is a provider of critical infrastructure intelligence, drone-based inspection, visual data management, and AI-enabled analytics solutions. The company's cloud-native iHawk platform enables customers to visualize, manage, and analyze complex infrastructure assets through digital-twin workflows, geospatial intelligence, asset tracking, and AI-assisted analytics.
15	Blue Canyon develops and manufactures small satellite buses, spacecraft platforms, and mission systems for private sector and U.S. federal government defense, intelligence, and space markets. Key platforms include the 3U, 6U, 12U, and 16U CubeSat buses, the Venus-100 microsatellite, the Saturn-200 minisatellite, and the Saturn-400 small satellite bus.