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A&D Weekly News & Transactions - Week 49
Industry Headline News
Is Airbus to Save 3,000 UK Aerospace Jobs After Spirit AeroSystems Deal?
Dec. 8, 2025 - The agreement will transfer 1,550 staff at the Belfast plant and 1,200 at Prestwick to Airbus, safeguarding a combined total of 2,750 UK manufacturing jobs as part of a major reshuffle tied to Spirit AeroSystems’ impending sale to Boeing. This carve-out brings the UK’s wing and aircraft-components work under Airbus control, securing key production capacity for jets like the A220, A320 and A350, and ending several months of uncertainty for workers. (SimpleFlying)
U.S. Approves $2.68B Bomb Sale to Canada
Dec. 6, 2025 - The U.S. State Department cleared a potential sale of air-strike weapons and related equipment to Canada, valued at up to US$2.68 billion, under a proposed Foreign Military Sale program. (Defense Security Cooperation Agency)
U.S. Clears $3.7B Weapons Sale to Denmark — Major Air-Defense & Missile Deal Approved
Dec. 6, 2025 - The U.S. State Department has authorized two major Foreign Military Sales to Denmark totaling about $3.73 billion, including 200 AIM-120C-8 AMRAAM air-to-air missiles and a large ground-based air-defense package. The air-defense portion of the deal, valued at roughly $3.0 billion, includes an Integrated Battle Command System with Indirect Fire Protection Capability, radars, launchers, command-and-control infrastructure, communications equipment, and long-term technical and logistics support. (Defence Blog)
Pentagon Funds 198 More F-35 Jets Under $1.14B Contract Modification
Dec. 6, 2025 - The Pentagon awarded Lockheed Martin a $1.14 billion contract modification to procure long-lead materials for 198 additional F-35 Lightning II jets under Lots 20 and 21, supporting U.S. services, partner nations, and Foreign Military Sales customers. (Defence Blog)
SpaceX in Talks for $800B Secondary Sale — $800B Valuation Would Make It America’s Most Valuable Private Company
Dec. 5, 2025 - SpaceX is reportedly exploring a secondary share sale that would value the company at $800 billion, doubling its prior $400 billion valuation and potentially surpassing OpenAI as the most valuable private firm in the U.S. This soaring valuation reflects investor appetite for large private companies that achieve public-market scale while remaining outside public-market scrutiny. If completed, the deal would establish SpaceX as America’s most valuable privately held company. (TechCrunch)
Northrop Unveils “Project Talon” Autonomous Combat Aircraft — New Loyal-Wingman Prototype Revealed by Northrop Grumman
Dec. 4, 2025 - Project Talon, a new autonomous “collaborative combat aircraft” (CCA) from Northrop Grumman, made its public debut at the Mojave Air and Space Port on Dec. 3 as a lighter, faster-to-build alternative to its previous CCA offering. The demonstrator is roughly 1,000 pounds lighter, uses about 50 % fewer parts, and was built in about 15 months — with first flight expected by fall 2026. While Talon isn’t currently pitched as Northrop’s official submission for the next CCA competition, multiple U.S. services and international partners have already shown interest in the design, which is framed around affordability, rapid production, and flexibility across “multiple missions.” (Air & Space Forces Magazine)
Boeing Says Spirit AeroSystems Deal Could Close by Year-End After FTC Approval
Dec. 4, 2025 - Boeing says it aims to finalize its $4.7 billion acquisition of Spirit AeroSystems by the end of 2025, after obtaining conditional clearance from the Federal Trade Commission (FTC). The FTC’s green light comes with requirements for Boeing to divest certain Spirit business units — mainly those supplying competitors — to preserve competition in aerospace supply chains. The successful completion of the deal would re-integrate Spirit’s majority operations under Boeing, reshaping the supplier landscape for future commercial and defense aircraft production. (Seeking Alpha)
Smiths Group to Sell Baggage-Screening Unit to CVC for £2.0B ($2.65B)
Dec. 3, 2025 - The U.K.’s Smiths Group has agreed to sell its Smiths Detection unit — maker of airport baggage-screening and explosive-detection gear — to private-equity firm CVC Capital Partners for £2.0 billion (about US$2.65 billion, including debt). (Reuters)
Boeing Sees Pickup in 737 and 787 Deliveries, Expects Positive Cash Flow in 2026
Dec. 2, 2025 - Boeing’s CFO Jay Malave told a UBS conference the company expects to increase deliveries of its 737 and 787 jets next year, with the 737-10 narrow-body jet certification anticipated later in the year, helping drive margins higher. He forecast that improved deliveries, plus gains in Boeing’s defense and space divisions, should push annual free cash flow back into “low-single-digit” billions of dollars in 2026 — reversing 2025’s expected cash burn. The upbeat outlook ignited investor enthusiasm, lifting Boeing’s shares more than 8% after the announcement. (Reuters)
RTX Bags $1.6 B F135 Engine Sustainment Deal — $1.6B Contract Boosts Long-Term F-35 Support Pipeline
Dec. 2, 2025 - RTX Corporation said it has clinched a US $1.6 billion sustainment contract for its F135 engines (used on F 35 Lightning II jets), covering depot-level maintenance, repairs, spare-parts supply, engineering support, and related services for U.S. and allied customers. The contract underscores the ongoing support commitment to over 1,300 F135 engines already delivered to the U.S. and 20 allied nations. This deal follows a prior $2.8 billion F135 production contract announced in August 2025, further securing RTX’s long-term revenue base from the F-35 program. (Reuters)
Weekly Transaction Review
| No. | Parties Involved | Transaction Metrics | Location | Segment | ||
| Target [Parent] Acquirer [Parent] |
Price ($M) |
Price/ Revenue |
Price/ EBITDA |
Target | Target | |
| 1 | Joe Gibbs Manufacturing Solutions [Joe Gibbs Racing] Torque Capital Group |
- | - | - | Huntersville, NC | Machined & Cast Parts |
| 2 | QED Systems Peerless Technologies |
- | - | - | Aberdeen Proving Ground, MD | Government Services, IT Services and Software |
| 3 | Precision Aerospace & Defense FACT II Acquisition Corp |
$320.0 | - | - | Hollywood, FL | Machined & Cast Parts |
| 4 | American Casting Company Arcline |
- | - | - | Hollister, CA | Machined & Cast Parts |
| 5 | Odyssey Space Research ONE Bow River |
- | - | - | Houston, TX | Satellite, Satellite Services & Space Systems |
| 6 | Comrod Bridgepoint Capital |
- | - | - | Tau, Norway | Defense Electronics |
| 7 | Business Process Outsourcing (BPO) unit of Indra Sistemas [Indra Sistemas] Teknei IT |
$112.7 | 0.5x | - | Alcobendas, Spain | Government Services, IT Services and Software |
| 8 | H.E.R.O.S. Precision Aviation Group [GenNx360 Capital] |
- | - | - | Chandler, AZ | MRO & Logistics |
| 9 | NetServices Synergy ECP [Falfurrias Capital] |
- | - | - | Chantilly, VA | Government Services, IT Services and Software |
| 10 | Invictus International Consulting Red River Technology [Cerberus Capital] |
- | - | - | Alexandria, VA | Cybersecurity, Intelligence Services and Homeland Defense |
| 11 | Spherea Test & Services Andrea Partners |
- | - | - | Toulouse, France | Test & Measurement |
| 12 | Averna Technologies Spherea Test & Services [Andrea Partners] |
- | - | - | Montreal, Quebec | Test & Measurement |
| 13 | Trusted Space Washington Harbour |
- | - | - | Leesburg, VA | Satellite, Satellite Services & Space Systems |
| No. | Target Descriptions |
| 1 | Joe Gibbs Manufacturing Solutions is a manufacturer of precision machined components as well as advanced specialty composites and assemblies for solid rocket motor (SRM) propulsion systems for private sector and U.S. federal government aerospace, automotive, and defense markets. |
| 2 | QED is a provider of engineering, analytics, and information technology solutions to private sector and U.S. federal government markets. The company's services include systems engineering & technical assistance, modeling & simulation (m&s), and lab/field data collection, reduction & analysis. |
| 3 | PAD is a provider of precision machining, engineering and sustainment, and non-destructive testing solutions for private sector and U.S. federal government markets. The company specializes in complex, tight-tolerance aerospace components manufactured in-house and supports both prototype and production volumes with materials ranging from aluminum alloys to Inconel and titanium. PAD's lifecycle engineering support solutions include systems integration, instrumentation, structural design, reverse engineering, and depot-level sustainment. |
| 4 | American Casting Company is a leading provider of highly engineered investment castings for aerospace, defense, medical and specialty industrial applications. The company specializes in casting complex, tight-tolerance geometries from superalloys and other difficult‑to‑pour materials, enabling customers to achieve lighter‑weight designs, higher operating temperatures, and improved performance. |
| 5 | Odyssey is a provider of engineering research and analysis services in the core domain of Guidance, Navigation & Control (GN&C) design, analysis, integration, evaluation and test. The company specializes in rendezvous, proximity operations and capture (including automated rendezvous and docking) and other in-space flight phases. |
| 6 | Comrod is a designer and manufacturer of tactical antennas for private sector, U.S. federal government, and international government aerospace and defense markets. Comrod specializes in marine antennas, antenna systems, tactical support masts, power supplies & battery chargers and composite utility pole systems. |
| 7 | The BPO unit of Indra Sistemas is a provider of business-process outsourcing services, handling tasks such as back-office support, IT outsourcing, customer service operations, and administrative process management for clients across sectors like finance, public administration, transport, and utilities. The unit offers end-to-end outsourcing solutions that allow customers to externalize non-core processes while benefiting from Indra’s sector-specific expertise in digital services and infrastructure. |
| 8 | H.E.R.O.S. is a provider of MRO solutions for Rolls-Royce M250/RR300 engines, accessories, and components. The company offers routine maintenance as well as a full range of intricate repairs for a global customer base of commercial, military, and special-mission operators. |
| 9 | NetServices is a provider of secure information technology solutions for private sector and U.S. federal government mission-critical markets. The company's services include cloud computing solutions, systems integration, web development, information assurance, program management, enterprise operations management, and disaster recovery. |
| 10 | Invictus is a provider of full spectrum cyber technology solutions for private sector and U.S. federal government critical infrastructure and defense markets. The company's core services include cyber ops & engineering; applied cyber R&D; cloud security & app modernization; zero trust; threat analysis; program management & technical assistance; and infrastructure engineering & modernization. |
| 11 | Spherea is a provider of test systems for mission-critical industries. The company's services include Engineering for integration and verification & validation testing of avionics/defence hardware, avionics/defence software and systems; Production for integration and end-of-line testing of avionics/defence hardware and of aircraft; and Repair and return-to-service testing of avionics and defence Line Replaceable Units (LRUs). |
| 12 | Averna is a provider of test and quality integration solutions for private sector, U.S. federal government, and international government aerospace, automotive, consumer electronics, defense, energy, industrials, medical devices & life sciences, semiconductor, and telecom markets. |
| 13 | Trusted Space is a provider of full life cycle space mission engineering and design services for private sector and U.S. federal government aerospace and defense markets. The company's solutions enable secure and effective, end-to-end space operations across battle management command & control (BMC2), autonomous operations, and battlespace awareness in harsh environments. |
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