A&D Weekly News & Transactions - Week 34

Industry Headline News

U.S. Navy Testing New Long-Range Air-to-Air Missile
Aug. 22, 2026 - The U.S. Navy is developing and flight testing the AIM-424 “Malice,” a new long-range air-to-air missile designed to significantly outperform existing missiles such as the AIM-120. The missile will be compatible with the F/A-18, F-35 and future F/A-XX aircraft, with the goal of improving fleet defense and maintaining air superiority against advanced threats. The two-stage missile’s specific capabilities remain classified, but its development reflects the Navy’s push for longer-range weapons as China expands its long-range air and missile capabilities. (Aviation Week)

DIU Tries to Transition Tech to the Frontlines Faster with Launch of New Bridge
Aug. 20, 2026 - The Defense Innovation Unit has launched the Bridge Program to reduce delays in moving commercial technologies into military use, focusing on security clearances, classified facilities, testing and technology accreditation. The program plans to open shared classified facilities nationwide, reduce cybersecurity authorization timelines and modernize military testing processes. DIU is working with the Pentagon and military services and has already contracted for commercial classified facilities in several states. (DefenseScoop)

US Army Requests 133,000 GMLRS Rockets by 2034
Aug. 18, 2026 - The U.S. Army is seeking to produce 133,000 GMLRS rockets by 2034, requiring production of about 19,000 rockets annually from 2028 to 2034. The goal would require a significant increase over Lockheed Martin’s planned capacity of 14,000 rockets per year, as the U.S. works to replenish depleted stockpiles. Demand for GMLRS has increased due to deliveries to Ukraine and combat operations in Iran, while rocket motor shortages are making replenishment more difficult. (Defense News)

Raytheon Gets Massive $23B Contract to Boost Tomahawk Production
Aug. 17, 2026 - The U.S. Navy awarded Raytheon, an RTX subsidiary, a $23B contract to increase Tomahawk cruise missile production to 1,000 missiles per year. The multiyear deal will support investments in Raytheon’s workforce, facilities, technology and supply chain to meet rising demand. RTX is also working with the Pentagon to expand production of other missiles, including AMRAAM, SM-6 and SM-3. (Breaking Defense)

Weekly Transaction Review

No.	Parties Involved	Transaction Metrics			Location	Segment
	Target [Parent] Acquirer [Parent]	Price ($M)	Price/ Revenue	Price/ EBITDA	Target	Target
1	Epiq Solutions [Veritas Capital] TTM Technologies	$1,100.0	-	20.3x	Rolling Meadows, IL	Defense Electronics
2	FTS International Noblis	-	-	-	Chantilly, VA	Government Services, IT Services and Software
3	Aran Defense [Aran] Ondas Holdings	$33.0	1.3x	-	Caesarea, Israel	Defense Electronics
4	Jet Airwerks Barnes Aerospace [Apollo]	-	-	-	Arkansas City, KS	MRO & Logistics
5	ZYCI CNC Machining Fulton Asset Management	-	-	-	Atlanta, GA	Machined & Cast Parts

No.	Target Descriptions
1	Epiq Solutions is a developer of software-defined radio (SDR) tools that provide detailed insight into RF environments to identify and act against wireless threats for private sector and U.S. federal government civilian, defense, and homeland security markets. The company's Flying Fox Enterprise product is a security solution designed to support compliance with portable electronic device (PED) policies including DoDD 8100.02, AR 380-28, and DHS MD 11021, among others.
2	FTS is a provider of mission engineering, intelligence analysis, systems integration, and operational support for private sector and U.S. federal government defense, intelligence, and space markets. The company holds a SeaPort-NxG position supporting research, development, engineering, and acquisition activities.
3	Aran Defense is a provider of multidisciplinary engineering and manufacturing solutions for Israeli defense markets. The company operates approximately 47,000 square feet of engineering and manufacturing facilities in Israel, across a main facility of approximately 30,000 square meters and two additional facilities totaling approximately 17,000 square feet.
4	Jet Airwerks operates as an FAA Part 145 Repair Station and specializes in components used in the CFM56, CF6, and CF34 engine families. The company serves domestic and international customers and holds certifications from the FAA, European Union Aviation Safety Agency, Civil Aviation Administration of China, and UK Civil Aviation Authority.
5	ZYCI provides precision manufacturing services for aerospace, defense, space, and other high-consequence applications. The company specializes in 3-, 4-, and 5-axis CNC milling, CNC turning, Swiss machining, EDM, additive manufacturing, and inhouse metal finishing for prototype through serialized production.