Aerospace and defense technology company L3Harris Technologies has signed an agreement to purchase defense and space propulsion systems manufacturer Aerojet Rocketdyne. L3Harris is set to acquire the company at $58 per share for an all-cash transaction valued at $4.7 billion. Pending regulatory approval, the deal is expected to close next year.
“This agreement will accelerate innovation for national security propulsion solutions while providing a premium cash value for our shareholders and tremendous benefits for our employees, customers, partners and the communities in which we operate,” said Aerojet Rocketdyne President and CEO Eileen Drake. “As part of L3Harris, we will bring our advanced technologies together with their substantial expertise and resources to accelerate our shared purpose: enabling the defense of our nation and space exploration.”
Lockheed Martin also sought to acquire Aerojet Rocketdyne, announcing a $5.0 billion acquisition agreement in December 2020. The deal was terminated in February 2022 after the U.S. Federal Trade Commission (FTC) filed a lawsuit seeking a preliminary injunction to block the acquisition. Aerojet Rocketdyne currently operates manufacturing facilities in states including California, Arkansas, Florida, Alabama, Virginia, Washington, Mississippi, Tennessee and New Jersey, employing over 5,000 people and generating approximately $2.3 billion in annual revenue.