BAE Systems bought the aerospace assets of the American Ball Corp – Kommersant
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The largest British defense company BAE Systems reported on the conclusion of an agreement to purchase shares of Ball Aerospace, owned by the American Ball Corporation. The deal, which is valued at $5.55 billion, will allow the British company to expand its capabilities in the development of spacecraft and combat missiles. The transaction is expected to close in the first half of 2024.
Ball Aerospace was founded in 1956. The company is engaged in the development and production of spacecraft, equipment and equipment for national defense and space exploration and is one of the key contractors in the United States in these areas. The company, headquartered in Colorado, employs 5.2 thousand people. Ball Aerospace reported revenue of $1.98 billion in 2022 and is expected to generate $2.2 billion this year.
In addition to BAE Systems, other defense contractors, General Dynamics and Textron, as well as private investment companies, Blackstone and Veritas Capital Fund Management, applied for the purchase of an American company. As Charles Woodburn, CEO of BAE Systems, noted, “It is not often that a business of this quality, scale and breadth of opportunity, with strong growth prospects and a strategy close to us, is available for purchase.” Following the announcement of the deal, BAE Systems shares on the London Stock Exchange began to fall, dropping 3.6% in the first hour.
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