A&D Weekly News & Transactions - Week 33

Industry Headline News

Hanwha, Fincantieri Shares Rise After Trump Opens Navy Shipbuilding to Foreign Yards
Aug. 14, 2026 - Shares of South Korea’s Hanwha and Italy’s Fincantieri rose after President Trump allowed certain foreign shipbuilders to build up to two U.S. Navy ships in their home countries if they make significant U.S. investments and train American workers. Hanwha shares rose 5.6% following its $5 billion investment plan for Philly Shipyard, while Fincantieri shares gained 3.2% after investing more than $800 million in U.S. shipyards. The policy is intended to speed up Navy shipbuilding, although U.S. shipbuilders raised concerns that allowing foreign construction could weaken the domestic industry. (Reuters)

Pentagon Inks Deals with Boeing, RTX to Boost Production of SM-3 Components
Aug. 14, 2026 - The Pentagon signed seven-year framework agreements with Boeing and RTX to expand production of key components for the Navy’s SM-3 ballistic missile interceptors, providing suppliers with greater certainty to increase capacity. The agreements support both the SM-3 Block IB and Block IIA, which are used by the Aegis system to intercept ballistic missiles, as the U.S. works to replenish stocks after increased wartime use. A May analysis from the Center for Strategic and International Studies estimated that 130 to 250 SM-3s had been expended during wartime operations and warned that replenishing the inventory could take years. (Defense News)

Boeing vs. Northrop Grumman: The F/A-XX 6th-Generation Stealth Fighter Contest for the US Navy’s Aircraft Carriers Is Almost Over
Aug. 13, 2026 - The U.S. Navy is moving forward with the F/A-XX sixth-generation fighter program, with Boeing and Northrop Grumman competing to build the aircraft that will eventually replace the F/A-18E/F Super Hornet. The aircraft is expected to offer greater range, stealth and sensing capabilities and operate alongside unmanned aircraft as part of the Navy’s Next Generation Air Dominance system. Congress appropriated $972 million for the project’s research and development phase, and the Navy is expected to select a contractor in August, with the F/A-XX planned to enter service in the 2030s. (19FortyFive)

Space Command Expands Alabama Footprint as Headquarters Relocation Advances
Aug. 13, 2026 - U.S. Space Command is moving its headquarters from Colorado Springs to Huntsville, Alabama, with about half of its staff expected there by 2028 and the permanent facility completed by 2031. The $951 million relocation will be a gradual process, with the command operating between Alabama and Colorado for several years while the Joint Operations Center remains in Colorado Springs. The new headquarters is designed specifically for military space operations and will bring together personnel from all military branches to coordinate U.S. and allied space missions. (Space News)

Weekly Transaction Review

No.	Parties Involved	Transaction Metrics			Location	Segment
	Target [Parent] Acquirer [Parent]	Price ($M)	Price/ Revenue	Price/ EBITDA	Target	Target
1	Wisk Aero [Boeing] Archer Aviation	-	-	-	Mountain View, CA	Aerostructures
2	SkyGrid [Boeing] Archer Aviation	-	-	-	Austin, TX	Controls & Systems
3	Insitu [Boeing] Archer Aviation	-	-	-	Bingen, WA	Unmanned Vehicles
4	PSC Couplings Dodge Industrial [RBC Bearings]	$24.2	1.6x	-	Richfield, WI	Components & Subsystems
5	SMS Labs Phenna Group	-	-	-	Sturbridge, MA	Test & Measurement
6	Resonant Sciences [Cerberus Capital] Joby Aviation	$500.0	5.0x	-	Beavercreek, OH	Defense Electronics
7	Global Radiodata Communications Marlink [Providence Equity Partners]	-	-	-	Hereford, United Kingdom	Defense Electronics
8	Black Sea Technologies [Razor's Edge] AEVEX	$650.0	4.3x	28.9x	Reston, VA	Unmanned Vehicles
9	Jariet Technologies CesiumAstro	-	-	-	Redondo Beach, CA	Defense Electronics
10	TBAeroTech Optimum Technologies	-	-	-	Sterling , VA	Electronics Manufacturing (EMS) & Harnessing
11	Hard Anodize Talica [JLL Partners]	-	-	-	Edina, MN	Machined & Cast Parts

No.	Target Descriptions
1	Wisk Aero is an advanced air mobility (AAM) company developing autonomous eVTOL air taxi systems for private sector and U.S. federal government markets. The company has developed six generations of aircraft since its predecessor began work on electric vertical flight in 2010 and has conducted more than 1,750 full-scale test flights.
2	SkyGrid develops airspace integration and autonomous flight management software for advanced air mobility and unmanned aircraft operations. The company provides highly assured systems for airspace awareness, dynamic routing, fleet management, and safe integration of increasingly autonomous aircraft into shared airspace.
3	Insitu develops and manufactures small, long-endurance aircraft and integrated intelligence, surveillance, and reconnaissance (ISR) solutions for defense, government, and commercial customers. Insitu's primary platforms include the ScanEagle, Integrator, and Integrator ER unmanned aircraft.
4	PSC is a manufacturer of standard and customized flexible disc couplings for gas compression and other high-performance rotating equipment applications. PSC combines coupling engineering, application support, custom design, and a flexible supply chain to provide lower-cost and shorter-lead-time alternatives for demanding industrial applications.
5	Sturbridge Metallurgical Services provides accredited metallurgical, materials, and microscopy testing for aerospace, defense, medical, and industrial customers. The company specializes in failure analysis, mechanical and chemical testing, metallography, corrosion testing, and other technical services used to verify critical component and material performance.
6	Resonant Sciences is a provider of payload and survivability solutions to private sector and U.S. federal government aerospace and defense markets. The company works in three primary business areas: advanced apertures; modeling, measurements, and digital engineering; and integrated electronic systems. Resonant's core services include FSS radome and antenna design and fabrication, custom electronic solutions, and RF/EO/IR modeling and measurements of materials, antennas, radomes, and subsystems.
7	GRC is a developer of satellite, cellular, cloud, and IP networking technologies to provide resilient communications for defense and government customers, emergency responders, commercial organizations, and the oil, gas, and mining industries. Its product portfolio includes the Scytale family of portable communications systems, which can combine satellite, Wi-Fi, and cellular bearers to provide rapid-deployment voice and data connectivity, as well as SigmaNet, an SD-WAN solution designed to provide resilient networking across multiple communications links.
8	Black Sea is a developer of autonomous maritime systems for private sector and U.S. federal government defense and naval markets. The company designs, manufactures, and supports unmanned surface vessels (USVs) and mission systems for distributed sensing, reconnaissance, surveillance, and other operations in contested maritime environments.
9	Jariet is a supplier of high-performance digital microwave millimeter wave Analog-to-Digital Converters (ADCs) and Digital-to-Analog Converters (DACs) for private sector and U.S. federal government aerospace and defense markets. The company's products are used to perform frequency conversion and filtering operations in the digital domain for direct-sampling of microwave signals, or sampling at a high microwave intermediary frequency. Jariet's main product is ELECTRA, a line of multichannel RF sampling transceivers that offer up to 64 GSPS and 36 GHz.
10	TBAeroTech manufactures custom cable assemblies and wire harnesses for demanding aerospace and defense applications. The company specializes in complex build-to-print cable assemblies, space-grade harnesses, custom wiring form boards, and specialized harness tooling.
11	Hard Anodize provides specialized metal finishing services for tight-tolerance, high-stress components used in aerospace, defense, and medical applications. The company specializes in anodizing, conversion coating, and precision masking services for complex aluminum components.