Finmeccanica acquires DRS Technologies for $5.2 billion

By Lisa Kerner

Charlotte, N.C., Oct. 22 - Finmeccanica, SpA completed its $81-per-share acquisition of DRS Technologies, Inc., it was announced on Wednesday.

The transaction is valued at $5.2 billion including $1.2 billion in net debt.

DRS will be known as DRS Technologies, a Finmeccanica Co., and operate as a U.S. subsidiary of Finmeccanica under agreements with the U.S. Department of Defense, a Finmeccanica news release said.

"Finmeccanica's investment in DRS will allow the company to increase new business opportunities globally, accelerate growth while strengthening our presence in the United States," DRS chairman and chief executive officer Mark S. Newman said in the release.

Based in Rome, Finmeccanica designs and manufactures helicopters, civil and military aircraft, aero structures, satellites, space infrastructure, missiles and defense electronics and security.

DRS, based in Parsippany, N.J., supplies integrated products, services and support to military forces, government agencies and prime contractors.

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