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Finmeccanica Completes Acquisition of DRS Technologies for 5.2 billion U.S. dollars

Written by thomas · Filed Under Aeronautics News 

October 22, 2008

thomas

ROME and PARSIPPANY, N.J., Oct. 22 /PRNewswire/ — Finmeccanica, S.p.A.
(Milan: FNC) (“Finmeccanica”), a world leader in the aerospace, defense and
security industry, announced today to have successfully completed its
acquisition of DRS Technologies, Inc. (“DRS”), a leading supplier of
integrated defense electronics products, services and support. The
acquisition received all the required regulatory approvals as well as the
approval of DRS shareholders.

Finmeccanica purchased all outstanding shares of DRS for 81 U.S.
dollars per share in cash. The enterprise value of the transaction is 5.2
billion U.S. dollars, including the assumption of approximately 1.6 billion
U.S. dollars in outstanding indebtness (including the convertible notes).
DRS will be known as DRS Technologies, a Finmeccanica Company.

“Today begins a new era for Finmeccanica,” said Pier Francesco
Guarguaglini, Chairman and Chief Executive Officer of Finmeccanica. “The
acquisition of DRS further solidifies our position as a top-tier
international competitor and reinforces our commitment to the U.S. market,
industrial base and, most importantly, the American armed forces,
establishing a strong transatlantic Defense Electronics capability.”

“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,” said Mark S. Newman, Chairman of the
Board and Chief Executive Officer of DRS. “With an increased emphasis on
research and development, DRS will continue to create new and innovative
products that provide the American armed forces superior technology and
value.”

DRS will operate as a U.S. subsidiary of Finmeccanica under agreements
with the U.S. Department of Defense, including a plan to mitigate foreign
ownership control and influence (FOCI).

About Finmeccanica

Headquartered in Italy, Finmeccanica is a leading global high-tech
company with core competencies in the design and manufacture of
helicopters, civil and military aircraft, aero structures, satellites,
space infrastructure, missiles and defense electronics and security. The
company employs more than 60,000 people worldwide, including 2,100
employees at 32 sites in North America — not including DRS. For more
information about Finmeccanica, please visit the company’s website at
http://www.finmeccanica.com.

About DRS Technologies

DRS Technologies, headquartered in Parsippany, New Jersey-USA, is a
leading supplier of integrated products, services and support to military
forces, government agencies and prime contractors worldwide. The company
employs approximately 10,500 people. For more information about DRS, please
visit the company’s website at http://www.drs.com.

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