A&D Weekly News & Transactions - Week 44

Industry Headline News

SpaceX Secures US $2 B Contract for “Golden Dome” Satellite Defense System
Oct. 31, 2025 - SpaceX has been awarded a US $2 billion contract by the U.S. government to develop a satellite-based tracking system for missiles and aircraft under the Golden Dome programme, which is modelled on Israel’s Iron Dome. The initiative envisions a network of around 600 satellites, funded via a US $24 billion allocation in the July omnibus spending bill, with SpaceX already engaged in military-grade satellite systems such as “Milnet” for secure communications and vehicle tracking. Other defence companies including Anduril Industries, Palantir Technologies, Northrop Grumman, Lockheed Martin and Raytheon Technologies had also competed for the contract. (Investors Business Daily)

Golden Dome Hype Meets Information Vacuum as Industry Awaits Pentagon Direction
Oct. 30, 2025 - The Department of War’s mysterious “Golden Dome” missile-defense concept remains undefined, leaving contractors and industry partners in limbo as they await official parameters and funding guidance. As the government shutdown delays acquisitions and architecture decisions, companies face uncertainty about whether their bids and designs align with the eventual system requirements. Without clarity on roles, timelines or budgets, firms are hesitant to commit resources for a project that could shift significantly once the Pentagon reveals its vision. (SpaceNews)

Vietnam’s Vietjet Aviation JSC Orders 100 Airbus A321neos and 40 Rolls-Royce Trent 7000 Engines
Oct. 30, 2025 - Vietjet finalized a deal for 100 Airbus A321neo aircraft — converting a memorandum of understanding from June — with the value estimated at about US $25 billion, though the inclusion of ancillary services remains unclear. Simultaneously, it confirmed an order for 40 Rolls-Royce Trent 7000 engines (to power 20 Airbus A330neo wide-bodies) valued at US $3.8 billion. (Reuters)

Leonardo DRS CEO William Lynn to Retire After 14 Years at Helm
Oct. 29, 2025 - Leonardo DRS, Inc. announced that William J. “Bill” Lynn III will retire as Chairman and CEO at end of year after leading the company since 2012. (Washington Technology)

Boeing Books $4.9 Billion Charge as 777X Delivery Slips to 2027
Oct. 29, 2025 - The Boeing Company announced a nearly US $5 billion hit to its 777X programme after pushing the first delivery to 2027 and citing ongoing certification and production delays, contributing to roughly US $15 billion in total charges to date. (Reuters)

Airbus Allows Dassault to Exit Fighter Pact Amid FCAS Governance Row
Oct. 29, 2025 - Airbus CEO Guillaume Faury asserted that Dassault Aviation is “free to leave” the €100 billion Future Combat Air System (FCAS) fighter-jet programme if it remains dissatisfied with its share and governance, even as Airbus remains committed to its obligations under Phase 1B of the project. Dassault is contesting the “one country, one vote” decision-making framework and seeking greater control over the manned-fighter pillar, while Airbus, representing Germany and Spain, insists the original structure remains binding. The public sparring highlights the risk of the tri-national pact unraveling unless a governance compromise is reached before the end of the year. (Bloomberg)

Joby Aviation Partners with NVIDIA to Accelerate Autonomous-Flight Technology
Oct. 29, 2025 - Joby Aviation announced it has been selected by NVIDIA as the aviation launch partner for NVIDIA’s IGX Thor platform, designed to support next-generation physical AI applications. (Sheerwood News)

Airbus Delays Some A220 Output, Narrowing Window to Reach 2026 Target
Oct. 27, 2025 - Airbus Delays Some A220 Output, Narrowing Window to Reach 2026 Target. (Reuters)

BAE Systems to recognise £4.6 billion from UK–Turkey Eurofighter jet deal
Oct. 27, 2025 - BAE Systems plc expects to book approximately £4.6 billion (US $6.17 billion) in revenue after the UK government reached a deal for 20 Eurofighter Typhoon jets to be supplied to Turkey. The contract assigns BAE the manufacturing of air-frame components, final assembly and weapons integration at its Lancashire, UK facility, with missile systems to be delivered by MBDA—in which BAE holds a 37.5 % stake. (Reuters)

Airbus Boosts A320 Production in the U.S.: What’s Next?
Oct. 26, 2025 - Airbus SE is doubling its U.S. production capacity for the A320 family by adding a second final assembly line at its Mobile, Alabama facility, aiming to accelerate delivery amid strong global demand. (Simple Flying)

Weekly Transaction Review

No.	Parties Involved	Transaction Metrics			Location	Segment
	Target [Parent] Acquirer [Parent]	Price ($M)	Price/ Revenue	Price/ EBITDA	Target	Target
1	ExoTerra Resource Voyager Technologies	-	-	-	Littleton, CO	Satellite, Satellite Services & Space Systems
2	RPAS technology portfolio of Caliburn Holdings [Caliburn Holdings] Volatus Aerospace	$1.4	-	-	London, United Kingdom	Unmanned Vehicles
3	Qorvo Skyworks Solutions	$9,956.4	2.7x	12.4x	Greensboro, NC	Defense Electronics
4	Aero 3 [GenNx360 Capital] VSE	$350.0	2.9x	14.6x	Bedford, NH	MRO & Logistics
5	Sky Connect product line of Honeywell [Honeywell] SkyTrac Systems [Drew Marine]	-	-	-	Charlotte, NC	Satellite, Satellite Services & Space Systems
6	Nasmyth Group [RC Capital] Sigma Advanced Systems [Megasoft]	$23.6	0.3x	-	Coventry, United Kingdom	Machined & Cast Parts
7	TYR Tactica Cadre Holdings	$200.0	2.2x	-	Peoria, AZ	Specialty Defense Systems and Services
8	Trakka Systems Acron Aviation Academy [The Jordan Company]	-	-	-	Moorabin, Australia	Sensors & C4ISR
9	Five Axis Industries Karman Space & Defense [Trive Capital]	$88.0	-	-	Arlington, WA	Machined & Cast Parts
10	Varec [Leidos] Undisclosed Buyer	-	-	-	Norcross, GA	Specialty Defense Systems and Services
11	Harvey Vogel Manufacturing Westbourne Capital	-	-	-	Woodbury, MN	Machined & Cast Parts
12	ACTI Honda Aircraft [Honda Motors]	-	-	-	Port Angeles, WA	Composites

No.	Target Descriptions
1	Exoterra develops and optimizes solar electric propulsion systems for private sector and U.S. federal government space exploration markets. The company's Halo Hall-Effect Thruster enables CubeSat missions to reach optimal orbits, maintain them for long durations, deorbit on command, and is currently in use onboard Blue Canyon Technologies' Phase 2 and Phase 3 satellites for DARPA's Blackjack program.
2	The Remotely Piloted Aircraft Systems (RPAS) technology portfolio includes three scalable UAS platforms ranging in maximum takeoff weight from 100kg to 265kg. The aircraft are capable of carrying or integrating sensors and payloads from 15kg to 50kg; and flight endurance will be from 12 hours per mission to up to 7 days of continuous flight.
3	Qorvo designs, manufactures, and supplies radio-frequency systems for applications that drive wireless and broadband communications, as well as foundry services. The company's RF solutions and semiconductor technologies enable a diverse set of customer products, including smartphones, tablets, wearables, broadband customer premise equipment, home automation, in-vehicle infotainment, data center and military radar and communications.
4	Aero 3 is a maintenance, repair, and overhaul provider specializing in aircraft wheels, brakes, batteries, and component systems for commercial and general aviation fleets. The company supports urgent aircraft readiness through engineering and PMA-certified repair solutions, while also offering a global distribution network for parts and logistics support.
5	The Sky Connect product line of Honeywell is an aircraft satellite tracking and communications system designed for global fleet monitoring, text/voice messaging, and real-time operational awareness. The company provides worldwide position reporting, dual-channel voice and data capability, and integrates with onboard monitoring systems to enhance flight safety and mission support.
6	Nasmyth Group specializes in manufacturing and finishing complex metal and electro-mechanical components for aerospace, defense, and related markets. The company supports mission-critical platforms through machining, assembly, surface treatment, support services, and system integration capabilities.
7	TYR is a developer and manufacturer of mission-critical load-carriage, personal protection and tactical gear systems for private sector and U.S. federal government defense and law-enforcement markets. The company's products include plate carriers and vests, hard armor and shields, carrier accessories, and more.
8	Trakka Systems develops and manufactures of electro-optical imaging, illumination, and integrated mission-management systems for private sector, U.S. federal government, and international government defense, homeland-security, and law-enforcement markets. The company specializes in gyro-stabilized EO/IR camera gimbals, high-intensity tactical searchlights, and advanced mapping and video-management software that enhance situational awareness, threat detection, and operational effectiveness across airborne, maritime, and ground platforms.
9	Five Axis develops and manufactures spun form nozzles, gaseous oxygen systems, and fluid control technologies for commercial space engines. The company's products serve a critical role in optimizing engine performance and operate in highly corrosive, ultra-high-temperature propulsion environments.
10	Varec provides gauging instrumentation and fuels management systems for total asset security, visibility and control. The company specializes in bulk liquid inventory management in the oil and gas industry, fuels logistics for defense and government services, and complete aviation fuels management from the airport tank farm to take off.
11	Harvey Vogel is a leading high-precision stamper and fabricator of metal components and assemblies, specializing in hard-to-produce, tight tolerance, appearance-focused parts. The company primarily serves the aerospace and defense, medical, and industrial markets, and maintains AS9100, ISO 9001, and ITAR certifications.
12	ACTI is a supplier of advanced structural composite assemblies and components serving both commercial and military aerospace markets. The company supports high-performance platforms with in-house capabilities including clean-room layups, large-format autoclaves, integrated machining, and full-spectrum composite manufacturing.