General Dynamics Advanced Information Systems acquires Axsys Technologies

General Dynamics Advanced Information Systems (GDAIS) has acquired Axsys Technologies, Inc., a designer and manufacturer of electro-optical and infrared sensors and systems and multi-axis stabilized cameras, for approximately $643 million.

GDAIS is an operating business unit of General Dynamics Corporation, a defense industry contractor for shipbuilding and marine systems, defense systems, land and amphibious combat systems, and munitions. All the companies are based in the US.

Announcement (June 4, 2009):

GDAIS has entered into a definitive agreement to acquire Axsys Technologies.

GDAIS will pay $54 for each share of Axsys Technologies. The Board of Directors of GDAIS and Axsys Technologies have approved the transaction.

Jefferies & Company, Inc. is acting as financial advisor and Jones Day is acting as legal advisor to Axsys Technologies.

The transaction is expected to close during the third quarter of 2009.

Deal Value (US$ Million) 643
Deal Type                Acquisition
Sub-Category             Majority Acquisition
Deal Status              Completed: 2009-09-02

Deal Participants

Target (Company)   Axsys Technologies, Inc.
Acquirer (Company) General Dynamics Advanced Information Systems

Deal Rationale

The addition of Axsys Technologies' capabilities to General Dynamics' existing intelligence, surveillance, and reconnaissance expertise would enable General Dynamics to further strengthen its portfolio of offerings and discriminators in the tactical ISR market.

Related terms: acquisition, advisor, contractor, defense, legal, manufacturer, marine, market, optical, technology