A&D Weekly News & Transactions - Week 41

Industry Headline News

Avolon Orders 35 Airbus A330-900 and 75 A320neo Family Aircraft
Oct. 9, 2026 - Avolon placed a firm order with Airbus for 110 aircraft, including 35 A330-900 widebody aircraft and 75 A320neo Family narrowbody aircraft, expanding its delivery pipeline to support airline fleet growth and replacement needs. The order brings Avolon’s total commitments to 114 A330-900s and approximately 650 A320 Family aircraft, making it the largest lessor of the A330-900. The aircraft offer improved fuel efficiency and reduced emissions, with the A330neo providing up to 25% lower fuel burn and CO₂ emissions compared with previous-generation competitor aircraft and the A320neo Family delivering at least 20% savings compared with previous-generation single-aisle aircraft. (Airbus)

Bezos Says Blue Origin Likely to Pursue IPO in Coming Years
Oct. 8, 2026 - Blue Origin founder Jeff Bezos said the space company may pursue an initial public offering (IPO) in several years, following its first outside funding round, which raised $10 billion and reportedly valued the company at $140 billion. Bezos said he has personally invested $28 billion in Blue Origin since founding it in 2000, with the company also securing multibillion-dollar NASA and U.S. Space Force contracts, including work on the Artemis lunar program. Blue Origin plans to resume New Glenn rocket launches in December 2026 after a May launch-pad test explosion delayed its efforts to compete with SpaceX in the commercial launch market. (RTÉ)

Embraer, Lockheed Martin Vie for India’s $10.5B Military Transport Aircraft Deal
Oct. 7, 2026 - Embraer and Lockheed Martin are competing for an approximately $10.5 billion contract to supply India with 60 medium military transport aircraft to replace its aging fleet, with Embraer offering the C-390 Millennium and Lockheed proposing the C-130J Super Hercules. Embraer has partnered with Mahindra Defence to establish a potential production facility in Nagpur, while Lockheed plans to build 12 aircraft in the U.S. and 48 in India with Tata Advanced Systems if selected, and has also proposed upgrading India’s existing C-130J fleet. India requires at least 40% domestic content and aircraft capable of operating at high altitudes and from unpaved airstrips, with bids due in early December as the government seeks to expand domestic defense manufacturing and technology transfer. (Defense News)

General Dynamics' Novakovic to Hand CEO Reins Over to Deep
Oct. 7, 2026 - General Dynamics announced that CEO Phebe Novakovic will transition to executive chairman on January 1, with company president Danny Deep succeeding her as CEO after 25 years at the company. Novakovic has led General Dynamics since 2013, overseeing revenue growth from $31 billion in 2017 to $52.6 billion in 2025 and the company’s $9.7 billion acquisition of CSRA in 2018. Deep previously held leadership roles in global operations and combat systems and served as president of GD Land Systems, with his promotion following the recent departure of IT services unit president Amy Gilliland. (Washington Technology)

Anduril and the U.S. Navy are Planning a $6.6B Shipyard to Produce Critical Submarine Parts
Oct. 6, 2026 - The U.S. Navy and Anduril Industries will invest $6.6 billion to build Arsenal-2, a new shipyard in Baltimore County, Maryland, to manufacture critical components for Virginia-class submarines, with initial operations expected in 2030. The facility will initially produce smaller components, such as torpedo tubes, before expanding to more complex assemblies and is expected to create over 3,000 direct jobs while supporting more than 11,000 additional jobs. The project aims to expand U.S. submarine production capacity and address persistent delays caused by supply chain constraints, late material deliveries and skilled labor shortages, with the Navy targeting delivery of two Virginia-class submarines annually by 2032. (Business Insider)

Textron Homes In On Improving Business Jet Deliveries
Oct. 6, 2026 - Textron is restructuring to focus on aerospace and defense while improving production at Textron Aviation, which delivered 168 business jets last year and aims to reach 200 annually by 2027. The company is investing in workforce training, factory improvements and supply chain diversification to address labor inexperience and component shortages, with improvements expected to generate $150 million in additional annual pretax profit and increase Aviation’s operating margin from approximately 11% to 13%. However, delays in funding for the MV-75 tiltrotor program and the postponed U.S. Navy trainer contract highlight defense spending uncertainties, while Textron’s $8 billion Aviation backlog underscores the importance of increasing production and meeting customer delivery expectations. (Aviation Week)

Weekly Transaction Review

No.	Parties Involved	Transaction Metrics			Location	Segment
	Target [Parent] Acquirer [Parent]	Price ($M)	Price/ Revenue	Price/ EBITDA	Target	Target
1	Information Security Corporation SAIC	-	-	-	Oak Park, IL	Cybersecurity, Intelligence Services and Homeland Defense
2	Fidelity Technologies Fvlcrum Funds	-	-	-	Reading, PA	Simulation & Training Systems
3	IMSAR OceanSound Partners	-	-	-	Springfield, UT	Sensors & C4ISR
4	Vertical Aerospace First Class Air [O2 Investment Partners]	-	-	-	Bristow, OK	MRO & Logistics
5	Creasey Castings Pursuit Aerospace [Greenbriar Equity]	-	-	-	Sittingbourne, United Kingdom	Machined & Cast Parts
6	ScoutDI Beam Global	$24.0	-	-	Trondheim, Norway	Unmanned Vehicles
7	Empower RF Systems [Summit Partners] Antenna Research Associates [OceanSound Partners]	-	-	-	Inglewood, CA	Defense Electronics
8	Resurgent Aviation Solutions Eclipse Aerospace	-	-	-	Aurora, IL	MRO & Logistics
9	Gorilla Circuits PCB Technologies	$120.0	1.2x	7.6x	San Jose, CA	Electronics Manufacturing (EMS) & Harnessing
10	Vorago Technologies Microchip Technology	-	-	-	Austin, TX	Defense Electronics

No.	Target Descriptions
1	ISC is a developer of mission-critical cryptographic infrastructure solutions for private sector and U.S. federal government defense and intelligence markets. The company specializes in public key infrastructure (PKI), encryption, identity and credential management, and data-protection software. ISC's technologies support identity, authentication, encryption, and data protection in sensitive government environments, with an emphasis on automated certificate management, crypto-agility, and migration toward post-quantum cryptography.
2	Fidelity is a provider of military simulation, training systems, and field support services to private sector and U.S. federal government defense and naval markets. The company specializes in virtual and immersive training systems, including indirect-fire and aircrew training solutions, while providing operations and maintenance, contractor instructor, sustainment engineering, logistics, and field support services for live, virtual, and constructive training environments.
3	IMSAR is a provider of small, high-performance synthetic aperture radar (SAR) systems for manned and unmanned aircraft in private settings and U.S. federal government aerospace and defense markets. The company's NSP-series radars, onboard processing, and Lisa 3D mission software are integrated on more than 100 unmanned and manned platforms worldwide, spanning Group 2 through Group 5 unmanned aircraft, including the Shield AI V-BAT, AV Jump 20, Textron Aerosonde, Tekever AR3 and AR5, Insitu ScanEagle, and Integrator, as well as light manned ISR aircraft.
4	Vertical Aerospace provides complex aircraft structural repair, engineering, and fabricated part manufacturing services. The company supports aircraft structures and components with composite processing, metal treatment, nondestructive testing, welding, and specialized repair capabilities.
5	Creasey Castings manufactures precision magnesium and aluminum sand castings for demanding aerospace applications. The company provides alloy casting, simulation, heat treatment, and nondestructive testing capabilities.
6	ScoutDI develops autonomous drones and digital inspection software for confined industrial environments. The company combines LiDAR navigation, tethered power and communications, and inspection data management to support asset inspection and monitoring.
7	Empower RF Systems designs and manufactures high-power solid-state RF and microwave amplifier modules and systems for aerospace, defense, and industrial applications. The company supports electronic warfare, counter-UAS, SATCOM, radar, and threat simulation missions with air- and liquid-cooled amplifier solutions.
8	Resurgent Aviation Solutions manufactures aftermarket parts and repairs components for Eclipse 500 and 550 aircraft. The company develops supplemental type certificates, PMA parts, and repair processes for line-replaceable units and operates an FAA Part 145 repair center.
9	Gorilla Circuits manufactures printed circuit boards and electronic assemblies for aerospace, defense, semiconductor, and technology customers. The company provides high-mix, low-volume fabrication and quick-turn assembly services for highreliability electronic products.
10	Vorago Technologies develops radiation-hardened and radiation-tolerant microcontrollers and microprocessors for aerospace, defense, space, and industrial applications. The company uses its patented HARDSIL process technology to protect semiconductor devices against extreme radiation and temperature conditions.