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05 / Financing terms · selected comparisons

M&A values.

What buyers pay, deal by deal, where the value is disclosed.

Randeep Bubbra | Lawyer | Making defence financeable

US$962mmedian disclosed deal value7 findings · data to 27 Oct 2026
Benchmark

M&A values

US$100mUS$1bnUS$10bn20151617181920212223242526Harris acquisition of Exelis: US$4.8bnSAIC acquisition of Scitor: US$790mLockheed Martin acquisition of Sikorsky: US$9.0bnCACI acquisition of L-3 National Security Solutions: US$550mTransDigm acquisition of Data Device Corporation: US$1.0bnLeidos combination with Lockheed Martin IS&GS: US$4.6bnTeledyne acquisition of e2v: US$789mMercury Systems acquisition of Themis Computer: US$180mTransDigm acquisition of Extant Aerospace: US$525mGeneral Dynamics acquisition of CSRA: US$9.6bnNorthrop Grumman acquisition of Orbital ATK: US$9.2bnElbit Systems acquisition of IMI Systems: US$495mSAIC acquisition of Engility: US$2.5bnTransDigm acquisition of Esterline Technologies: US$4.0bnLeidos acquisition of Dynetics: US$1.6bnAdvent International acquisition of Cobham: US$5.1bnSAIC acquisition of Unisys Federal: US$1.2bnLeidos acquisition of L3Harris security detection businesses: US$1.0bnKBR acquisition of Centauri: US$827mParsons acquisition of Braxton Science & Technology: US$300mMercury Systems acquisition of Physical Optics Corporation: US$310mTransDigm acquisition of Cobham Aero Connectivity: US$965mAeroVironment acquisition of Arcturus UAV: US$405mVeritas Capital (Peraton) acquisition of Northrop Grumman IT and mission support services: US$3.4bnTeledyne acquisition of FLIR Systems: US$8.2bnVeritas Capital (Peraton) acquisition of Perspecta: US$7.1bnBooz Allen acquisition of Liberty IT Solutions: US$725mParsons acquisition of BlackHorse Solutions: US$203mHII acquisition of Alion Science and Technology: US$1.6bnLeonardo acquisition of 25.1% of Hensoldt from KKR: US$638mLockheed Martin acquisition of Aerojet Rocketdyne (terminated): US$4.4bnAdvent (Cobham Ultra) acquisition of Ultra Electronics: US$3.2bnParker Hannifin acquisition of Meggitt: US$7.8bnQinetiQ acquisition of Avantus Federal: US$590mL3Harris acquisition of Viasat's Tactical Data Links business: US$2.0bnHanwha acquisition of Daewoo Shipbuilding & Marine Engineering (Hanwha Ocean): US$1.5bnTransDigm acquisition of Calspan: US$725mAdvent International take-private of Maxar Technologies: US$6.4bnL3Harris acquisition of Aerojet Rocketdyne: US$4.7bnRheinmetall acquisition of Expal Systems: US$1.3bnBAE Systems acquisition of Ball Aerospace: US$5.5bnArcline acquisition of Kaman: US$1.8bnHensoldt acquisition of ESG Elektroniksystem- und Logistik: US$730mTransDigm acquisition of CPI Electron Device Business: US$1.4bnTransDigm acquisition of Raptor Scientific: US$655mCACI acquisition of Azure Summit Technology: US$1.3bnLockheed Martin acquisition of Terran Orbital: US$450mRheinmetall acquisition of Loc Performance Products: US$950mCzechoslovak Group acquisition of The Kinetic Group: US$2.2bnFincantieri acquisition of Leonardo's underwater armaments business (WASS): US$324mTeledyne acquisition of Excelitas aerospace and defence electronics businesses: US$710mAeroVironment acquisition of BlueHalo: US$4.1bnRedwire acquisition of Edge Autonomy: US$925mRocket Lab acquisition of Geost: US$275mSAIC acquisition of SilverEdge Government Solutions: US$205mTransDigm acquisition of Simmonds Precision Products: US$765mBigBear.ai acquisition of Ask Sage: US$250mKratos acquisition of Orbit Technologies: US$356mFirefly Aerospace acquisition of SciTec: US$855mTransDigm acquisition of Stellant Systems: US$960mIndra acquisition of 89.68% of Hispasat: US$819mKarman acquisition of Seemann Composites and Materials Sciences: US$220mLeonardo acquisition of Iveco Defence Vehicles: US$1.9bnCACI acquisition of ARKA Group: US$2.6bnLeonardo DRS acquisition of Raft: US$450mBooz Allen acquisition of Ultra I&C Mission Solutions: US$720m

Disclosed values only, at US$ equivalents; enterprise or equity value as announced.

Show the figures
PeriodDealsMedianLargest
2015–2021US$1bnUS$9.6bn
20218US$1.3bnUS$8.2bn
2022–2311US$2bnUS$7.8bn
2024 on26US$792mUS$5.5bn
  1. 01

    66 M&A, stake and JV deals with a disclosed value, from US$180m–US$9.6bn; the median is US$962m.

  2. 02

    2015–20: 21 deals, median US$1bn.

  3. 03

    2021: 8 deals, median US$1.3bn.

  4. 04

    2022–23: 11 deals, median US$2bn.

  5. 05

    2024 on: 26 deals, median US$792m.

  6. 06

    32 were US$1bn or more.

  7. 07

    The largest is General Dynamics acquisition of CSRA at US$9.6bn.

Next: Venture rounds

Selected observations from the register, not a market census, investment recommendation or legal advice. Working on a deal like these? Book 20 minutes with Randeep to see how your terms compare.

Randeep Bubbra
InfraDefence Weekly

The week in defence finance, read from the filings.

Deals, terms and the clauses behind them, for the people financing primes, mid-tiers and new defence technology. By Randeep Bubbra.

Working on a financing like this? Book 20 minutes with Randeep to see how it compares.

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