Boeing has signed an agreement to acquire Argon ST, a developer of defense intelligence and surveillance systems, in an all cash tender offer and merger for $34.50 per share, or approximately $775m, net of cash acquired.
The company said that this acquisition advances its growth strategy and expands the company’s capabilities to address the command, control, communications, computers, intelligence, surveillance, and reconnaissance (C4ISR), cyber and intelligence markets.
Argon ST, Fairfax, Virginia, company develops sensors and networks designed to exploit, analyse and deliver information for real-time situational awareness. It has operating locations in Virginia, California, Michigan, Pennsylvania, Florida, Maryland and Texas, and has approximately 1,000 employees.
Boeing said that it will make Argon ST as a stand-alone subsidiary within its network and space systems operation. It also plans to retain the company’s management team to ensure a seamless transition for employees and customers.
Dennis Muilenburg, president and CEO of Boeing Defense, Space & Security, said: "Combining the strength of Boeing with the experience of Argon ST will significantly accelerate our capabilities in sensors, communications technologies and information management."
