BAE Systems Secures Regulatory Approvals for Acquisition of Ball Aerospace
14 Fevereiro 2024 - 9:23AM
Business Wire
Further to the announcement of 17 August 2023, BAE Systems has
now received the necessary regulatory approvals and will be
executing steps in the coming days to complete the acquisition of
Ball Aerospace from Ball Corporation. The final transaction is
expected to close at a purchase price of $5.5 billion
(approximately £4.4 billion), which will be funded through existing
cash and new external debt. The transaction will be treated as an
asset purchase for federal tax purposes, with an expected net
present value tax benefit of c.$750m making the underlying economic
consideration for the business c.$4.8bn.
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A Ball Aerospace specialist inspects
components of the Nancy Grace Roman Space Telescope. (Photo:
Business Wire)
Ball Aerospace is a leading provider of spacecraft, mission
payloads, and optical and antenna systems with decades of proven
success underpinned by world class advanced technologies. The
business has trusted customer relationships in the Intelligence
Community, US Department of Defense, civilian space agencies, and
with major aerospace and defence primes, and is well positioned in
highly attractive markets, including military and civil space,
C4ISR, and missiles and munitions. The business is based in
Colorado, with more than 5,200 employees, many of whom hold US
security clearances.
BAE Systems and Ball Corporation will be executing the plan to
complete the acquisition in the coming days. The newly acquired
business will be called Space & Mission Systems and will map
within the Electronic Systems reporting segment.
BAE Systems shall provide 2024 Group guidance at our preliminary
results on 21 February 2024 incorporating the acquisition.
Commenting on today's announcement, Charles Woodburn, Chief
Executive of BAE Systems, said:
“In recent years, we’ve said that we would seek out
opportunities to grow our portfolio in advanced technology areas
that meet our customers’ most urgent needs, and completing the
acquisition of Ball Aerospace is an example of that strategy in
action.
“We look forward to welcoming the employees of Ball Aerospace to
BAE Systems, bringing one of industry’s most respected and capable
businesses into the Group. The addition of this quality,
fast-growing technology-focused business will significantly expand
our presence in this increasingly critical space domain and further
enhances our value compounding model of top line growth, margin
expansion and high cash generation.”
Cautionary statement:
All statements other than statements of historical fact included
in this announcement including, without limitation, those regarding
the financial condition, results, operations and businesses of BAE
Systems and its strategy, plans and objectives and the markets and
economies in which it operates, are forward-looking statements.
Such forward-looking statements which reflect management's
assumptions made on the basis of information available to it at
this time, involve known and unknown risks, uncertainties and other
important factors which could cause the actual results, performance
or achievements of BAE Systems or the markets and economies in
which BAE Systems operates to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. BAE Systems plc and its directors
accept no liability to third parties in respect of any such
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20240214319796/en/
For further information: Investors Martin Cooper Investor
Relations Director Telephone: +44 (0)1252 383455 Email:
investors@baesystems.com Media Relations Kristina Anderson
Director, Media Relations Telephone: +44 (0)7540 628673 Email:
kristina.anderson@baesystems.com
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