Acquisitions & PartnershipsAerospaceAM for SpaceAM Industry

Aerojet Rocketdyne to be acquired by Lockheed Martin for $5.0 billion

Stay up to date with everything that is happening in the wonderful world of AM via our LinkedIn community.

AM adopting rocket engine manufacturing company Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) has entered into a definitive agreement to be acquired by Lockheed Martin Corporation (NYSE: LMT) in an all-cash transaction with a total equity value of $5.0 billion.

Under the terms of the agreement, which has been unanimously approved by each company’s Board of Directors, Lockheed Martin will acquire Aerojet Rocketdyne for $56.00 per share in cash, representing a premium of approximately 33% to Aerojet Rocketdyne’s closing stock price on December 18, 2020, and a premium of approximately 42% to the Company’s volume-weighted average stock price (“VWAP”) for the last 90 trading days.

As part of the transaction, Aerojet Rocketdyne declared a $5.00 per share pre-closing special dividend to holders of its common shares and convertible senior notes, on an as-converted basis. The special dividend will be paid on March 24, 2021, to holders of record as of March 10, 2021. The payment of this special dividend, unless revoked, will adjust the consideration to be paid by Lockheed Martin to $51.00 per share at closing.

Aerojet Rocketdyne to be acquired by Lockheed Martin

“We are pleased to bring together our complementary companies in a transformative transaction that will provide premium cash value for our stockholders and tremendous benefits for our employees, customers and partners,” said Eileen P. Drake, CEO and President of Aerojet Rocketdyne. “Joining Lockheed Martin is a testament to the world-class organization and team we’ve built and represents a natural next phase of our evolution. As part of Lockheed Martin, 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. On behalf of the Aerojet Rocketdyne Board and management team, I’d like to thank all of our employees for their unwavering dedication and focus in helping us achieve this great milestone.”

The transaction is expected to close in the second half of 2021 and is subject to the satisfaction of customary closing conditions, including regulatory approvals and approval by Aerojet Rocketdyne’s stockholders. A transition team will be formed to allow for seamless integration and ensure continuity for customers, employees and other stakeholders.

Research 2021
Ceramic AM Market Opportunities and Trends

This market study from 3dpbm Research provides an in-depth analysis and forecast of the ceramic additive ma...

3D Printing Media Network

3D Printing Media Network is the editorial branch of 3D Printing Business Directory. It was set up to provide the latest industry news and opinions to a global audience of professionals.

Related Articles

Back to top button

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.

Privacy Settings saved!
Privacy Settings

When you visit any web site, it may store or retrieve information on your browser, mostly in the form of cookies. Control your personal Cookie Services here.

These cookies are necessary for the website to function and cannot be switched off in our systems.

In order to use this website we use the following technically required cookies
  • PHPSESSID
  • wordpress_test_cookie
  • wordpress_logged_in_
  • wordpress_sec

Decline all Services
Accept all Services

STAY AHEAD

OF THE CURVE

Join industry leaders and receive the latest insights on what really matters in AM!

This information will never be shared with 3rd parties

I’ve read and accept the privacy policy.*

WELCOME ON BOARD!