Acquisition CompletionSource: RNS
BAE Systems completes acquisition of Military Global Positioning System business
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 £1.48bn) 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 sector.
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 electronics."
Martin Cooper - Investor Relations Director
BAE Systems plc
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