A&D Weekly News & Transactions - Week 39

Industry Headline News

Boeing Gains Relief from FAA, Lands Major Orders from Norwegian & Turkish Airlines
Sep. 26, 2025 - Boeing is poised to regain authority from the FAA to perform final safety checks on 737 MAX jets—a role previously held solely by regulators—while still keeping inspectors involved in issuing airworthiness certificates. (Investors)

Lockheed Martin Eyes €1B+ THAAD Missile Deals in Europe
Sep. 26, 2025 - Lockheed Martin is pushing to sell its THAAD (Terminal High Altitude Area Defense) system to European nations, with contracts in negotiation for systems valued at over €1 billion (~$1.17 billion). (Reuters)

Lockheed’s Sikorsky Wins ~$10.855B Contract for CH-53K Heavy-Lift Helicopters
Sep. 26, 2025 - Sikorsky, a Lockheed Martin subsidiary, secured a $10.855 billion five-year agreement with the U.S. Navy to build up to 99 CH-53K King Stallion helicopters for the U.S. Marine Corps. (Seeking Alpha)

Boeing to Shift F-18 Overhaul Workload Amid Capacity Constraints
Sep. 24, 2025 - Boeing is planning to relocate a portion of its F-18 life-extension and overhaul work to other U.S. facilities because its Seattle plant is nearing full capacity. The move is expected to involve shifting work on structural overhauls, avionics upgrades, and fatigue repairs to sites with spare capacity to avoid bottlenecks. This step aims to protect schedules for both military and commercial programs by offloading overflow work to more flexible facilities. (Yahoo Finance)

Turkey Eyes Major Purchases of Boeing Airliners and Lockheed Fighter Jets
Sep. 23, 2025 - Turkey plans to acquire hundreds of Boeing commercial aircraft and Lockheed Martin fighters while insisting on over $10 billion in local production offsets, pending approval from President Trump. (Reuters)

Germany to Award €1.2B Eurofighter Upgrade Contract to Saab, Northrop Grumman
Sep. 22, 2025 - Germany is preparing to award a €1.2 billion contract to Saab and Northrop Grumman to upgrade its Eurofighter fleet with new electronic warfare capabilities and integration of AGM-88E anti-radar missiles. The upgrades will enable the aircraft to detect and neutralize ground-based air defense systems under a program expected to be signed in early October. The move reinforces Germany’s push to modernize its Fuerza Aérea while deepening cooperation with Swedish and U.S. defense firms. (Seeking Alpha)

Weekly Transaction Review

No.	Parties Involved	Transaction Metrics			Location	Segment
	Target [Parent] Acquirer [Parent]	Price ($M)	Price/ Revenue	Price/ EBITDA	Target	Target
1	Bridgecomm Voyager Technologies	-	-	-	Lafayette, CO	Satellite, Satellite Services & Space Systems
2	Multi-mode propulsion technology of Phase Four [Phase Four] Quantum Space	-	-	-	Hawthorne, CA	Satellite, Satellite Services & Space Systems
3	Custom Tube Products Elkhart Tri-Went Industrial [Lion Equity]	-	-	-	Edgewater, FL	Machined & Cast Parts
4	Rangeforce Cyberbit [Charlesbank Capital]	-	-	-	Manassas, VA	Cybersecurity, Intelligence Services and Homeland Defense
5	Paragon Energy Solutions [Windjammer Capital] Mirion Technologies	$585.0	3.9x	17.7x	Fort Worth, TX	Specialty Defense Systems and Services
6	Spacetime Engineering Vitesse Systems [Trive Capital]	-	-	-	Harbor City, CA	Defense Electronics
7	ADI American Distributors [Stonebridge Partners] AAR	$146.0	1.0x	9.6x	Randolph, NJ	Distribution

No.	Target Descriptions
1	Bridgecomm is a developer of free space optical wireless communications (OWC) systems for private sector and U.S. federal government aerospace, defense, enterprise, and telecommunications markets. The company's network of optical ground stations provide high-bandwidth, secure point to point and point to multipoint terrestrial, airborne, and space-ground optical link solutions between satellites, space crafts, unmanned aerial vehicles, and high-altitude platforms.
2	Phase Four's multi-mode propulsion technology allows a single system to operate in both chemical (high thrust) and electric (high efficiency) modes. The acquisition also includes a state-of-the-art integration and test facility in Los Angeles, Calif. which features a large high-bay integration area, advanced environmental test chambers, machine shops, clean room, and a mission development laboratory.
3	Custom Tube Products is a manufacturer specializing in custom small-diameter metal tubing for aerospace, defense, and medical uses. The company offers precision cold drawing, shaping, forming, and finishing services tailored to strict tolerances and material specifications.
4	Rangeforce is a provider of cloud-based cyber ranges, scalable solo, and team exercises which create incident-ready defensive cyber teams for private sector and U.S. federal government markets. The company's adaptive, AI-powered tutor delivers personalized learning, while the AI-driven content engine accelerates the creation of cutting-edge scenarios.
5	Paragon is a provider of critical parts and services for utility nuclear power generation facilities and advanced small modular nuclear reactor technologies in private sector and U.S. federal government energy markets. The company's range of products include electrical, sensor, power management, instrumentation and controls, HVAC, mechanical and flow components.
6	Spacetime Engineering is a provider of high-performance antenna feeds for ground-based satellite and gateway antenna systems in private sector and U.S. federal government markets. The company specializes in customized antenna feed configurations ranging from simple transmit/receive, circularly polarized 2-ports to complex multi-band, multi-polarity, multi port feeds including additional requirements such as high polarization discrimination, high power capability, narrow guard-bands, and low passive inter-modulation (PIM) compliance, spanning frequencies from 1 to 140 GHz.
7	ADI is a leading distributor of components and assemblies to a broad set of commercial and defense customers across the aerospace and defense industry. It provides value-added distribution services, including electronic and electromechanical parts and assemblies, to its OEM partners. ADI serves its customers from six locations across the US, UK, and India. It also provides electronic manufacturing services.