A&D Weekly News & Transactions - Week 46

Industry Headline News

Emirates Makes $38 Billion Bet on Boeing with Mega Order at Dubai Airshow
Nov. 17, 2025 - Emirates placed a massive $38 billion order for 100 Boeing 777X jets at the Dubai Airshow, marking a major commitment to the U.S. manufacturer. The deal, which includes options for 50 additional aircraft, is one of the largest in aviation history and comes as Boeing continues to recover from earlier production delays. This deal strengthens the longstanding relationship between Emirates and Boeing, with the airline aiming to expand its global fleet and enhance its competitive edge. (CNBC)

Boeing Says T-7 Trainer Export Bid Is Imminent
Nov. 16, 2025 - Boeing is preparing to submit an export bid for its T-7 trainer jet, which is expected to compete for international contracts as several countries seek to modernize their military training fleets. The company aims to leverage its partnership with Saab to position the T-7 as a versatile and cost-effective solution for air forces globally. The T-7, originally developed for the U.S. Air Force, is being marketed to potential buyers including those in Europe and the Middle East. (Reuters)

U.S. Clears $3.2 Billion in Missiles for Germany
Nov. 15, 2025 - The U.S. has approved a $3.2 billion arms sale to Germany, which includes the provision of advanced missile systems to enhance the country's defense capabilities. The deal involves providing Germany with the Patriot missile defense system and related components, marking a significant step in strengthening NATO's deterrence and defense posture in Europe. This sale comes amidst rising concerns over security threats from Russia, highlighting the U.S.'s commitment to supporting European allies. (Breaking Defense)

Swedish Manufacturer Saab Says 10,000 Jobs Could Land in Canada
Nov. 13, 2025 - Saab has announced that it could create up to 10,000 new jobs in Canada as part of a potential multibillion-dollar defense contract, which includes the production of its Gripen fighter jets. The company is in talks with the Canadian government to secure a deal that would see the jets manufactured locally, boosting the Canadian aerospace industry. Saab's proposed expansion comes as Canada looks to modernize its defense capabilities amidst rising geopolitical tensions. (BNN Bloomberg)

Etihad in Talks for Airbus Jets Ahead of Dubai Airshow
Nov. 13, 2025 - Etihad Airways is in advanced negotiations to purchase a significant number of Airbus jets, with the potential deal expected to be unveiled at the Dubai Airshow. The talks reportedly involve both narrowbody and widebody aircraft, as the airline seeks to modernize its fleet and expand its long-haul capabilities. This move would represent a key shift in Etihad's strategy, following its historic relationship with Boeing, and signals increased competition between the two aerospace giants. (Reuters)

Raytheon and AVIO Collaborate on New Solid Rocket Motor Development
Nov. 12, 2025 - Raytheon and AVIO have announced a new partnership to develop advanced solid rocket motor technology for missile systems, aiming to enhance the performance and reliability of future defense applications. The collaboration is expected to produce a next-generation rocket motor that improves propulsion efficiency and reduces costs for various military programs. This innovation is seen as crucial for both companies as they aim to meet growing demand for precision-guided munitions and boost their competitive edge in the defense sector. (The Defense Post)

Weekly Transaction Review

No.	Parties Involved	Transaction Metrics			Location	Segment
	Target [Parent] Acquirer [Parent]	Price ($M)	Price/ Revenue	Price/ EBITDA	Target	Target
1	Novaria [KKR] Arcline	$2,200.0	-	-	Fort Worth, TX	Machined & Cast Parts
2	Inertial Sense Hexagon	-	-	-	Provo, UT	Defense Electronics
3	Ask Sage BigBear.ai	$250.0	-	-	Bentonville, VA	Government Services, IT Services and Software
4	Drone Nerds XTI Aerospace	$41.0	0.4x	-	Fort Lauderdale, FL	Unmanned Vehicles
5	Poseidon Industrial ARMADA Parent [Carlyle Group]	-	-	-	Portsmouth, VA	Navy/Maritime
6	MetroStar Systems Veritas Capital	-	-	-	Reston, VA	Government Services, IT Services and Software
7	Quality Honeycomb [Wagner Industries] Kissel Capital	-	-	-	Arlington, TX	Machined & Cast Parts
8	Ziva CHAOS Industries	-	-	-	San Diego, CA	Defense Electronics

No.	Target Descriptions
1	Novaria is an operator of precision aerospace and defense component manufacturers that specializes in machining, coatings, surface treatments, forming, and assemblies. The company delivers engineered solutions for mission-critical parts such as structural assemblies and metal finishing for tier-1 OEMs and subsystem suppliers.
2	Inertial Sense is a provider of tactical-grade global navigation solutions and inertial navigation systems (GNSS+INS) for private sector and U.S. federal government markets. The company's GPX-1 is a multi-frequency and multi-constellation GNSS receiver module that combines GPS/QZSS (L1, L5), Galileo (E1, E5), GLONASS (L1), BeiDou (B1, B2), NavIC (L5), and SBAS (L1) to provide improved performance for global positioning navigation solutions.
3	Ask Sage is a developer of generative AI assistants and solutions which leverage open-source Large Language Models (LLMs) on any cloud or on-premise for private sector and U.S. federal government commercial and defense markets. The company's platform is technology-agnostic and is equipped with security features, the ability to handle a wide range of data types and enhanced integrations.
4	Drone Nerds is a distributor and provider of enterprise unmanned aerial systems (UAS) for private sector and U.S. federal government markets. The company's proprietary fleet-management and support platform, Always Flying, offers end-to-end maintenance, repair, and replacement services designed to maximize drone uptime and mission readiness.
5	Poseidon is a provider of mechanical, electrical, and systems integration services for modernization and repair projects in private sector and U.S federal government defense and naval markets. The company's capabilities include systems installation, AIT services, and comprehensive quality management aligned with U.S. Navy and defense requirements.
6	MetroStar is a provider of AI, application modernization, digital experience, and enterprise IT solutions to private sector and U.S. federal government markets. MetroStar's solutions support autonomous cyber defense, predictive maintenance/logistics, and real-time analytics for warfighter technological edge modernization efforts across DoD and IC agencies such as the Marine Corps. and the Air Force.
7	Quality Honeycomb is a manufacturer of metallic and non-metallic honeycomb core products used in aircraft engines, turbines, and structural applications. The company produces high-temperature welded honeycomb, brazed core, thin-gauge fabrications, and structural honeycomb systems to meet rigorous aerospace performance and quality standards.
8	Ziva is a developer of advanced radio-frequency and optical technologies, focusing on novel architectures such as coherent beamforming, time-synchronization, and high-performance communications solutions for defense and commercial applications. The company advances systems from concept to prototype, supporting wireless, sensing, and integrated electro-optical platforms in challenging environments.