BAE SYSTEMS PLC Acquisition Completion
RNS Number : 8125U
BAE SYSTEMS PLC
31 July 2020
BAE Systems completes acquisition of Military Global Positioning
31 July 2020
Further to the announcement of 20 January 2020, BAE Systems has
completed the acquisition of the Collins Aerospace Military Global
Positioning System business ("GPS business") from Raytheon
Technologies Corporation , after receiving all necessary regulatory
approvals and fulfilling other customary conditions for closing.
The consideration of $1.925bn (approximately GBP1.48bn) has been
funded from new external debt.
The GPS business is the leading provider of mission critical
military GPS receiver solutions and has been a pioneer in the
market for over 40 years, including designing and producing
advanced hardened and secure GPS products that include
next-generation M-Code technologies.
The GPS business is highly complementary to our priority growth
area of precision guided munitions. We expect continued customer
demand for the secure geo-positioning needs of the modern
battlespace that support the increasingly critical role of
precision guided munitions in military operations.
Based in Cedar Rapids, Iowa, the GPS business has approximately
700 employees across its skilled workforce and experienced
management team who will be joining the Precision Strike &
Sensing Solutions business within the Electronic Systems
Charles Woodburn, Chief Executive of BAE Systems, said:
"This acquisition, which follows the successful purchase of the
Airborne Radios business in May, is another example of us
delivering on our strategy to invest in technology that positions
the Group for future growth. The Military GPS business brings high
quality products which complement our Electronic Systems portfolio,
strengthening our position as a leading provider of defence
Martin Cooper - Investor Relations Director
BAE Systems plc
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(END) Dow Jones Newswires
July 31, 2020 09:49 ET (13:49 GMT)
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