– AeroVironment stockholders have approved the issuance of AV common stock for the acquisition of the defense engineering company BlueHalo. In a statement posted Tuesday, Wahid Nawabi, chairman, president and CEO of AV, said the milestone will enable his company to move forward with BlueHalo’s acquisition and turn AV into a leading defense technology company.
“Together, AV and BlueHalo will drive agile innovation and deliver integrated, all-domain solutions designed to redefine the future of defense and address the most important priorities and needs of our nation and allies around the globe,” the executive commented. “We thank stockholders for their continued support and look forward to closing this transaction and unlocking new opportunities for growth and value creation.”
AV initiated the acquisition of BlueHalo in November. At the time, the all-stock transaction was reportedly worth approximately $4.1 billion.
More than 99% of the shares voted by AV stockholders were in favor of the issuance of AV common stock to complete the pending acquisition. Final voting results will be reported in a Form 8-K filed with the U.S. Securities and Exchange Commission.
The transaction is expected to close in May 2025.
AV Strengthening Defense Technology Portfolio
Headquartered in Arlington, Virginia, BlueHalo is a supplier of space capabilities, counter-unmanned aerial systems, autonomous systems, electronic warfare and cyber tools, and artificial intelligence and machine learning for defense and national security missions.
In May 2024, the technology manufacturer won a potential $95.4 million contract from the U.S. Army’s Space and Missile Defense Command for a directed energy system prototype.
The company also developed a 20-kilowatt class laser weapon for countering drone threats for the Army under a $76 million other transaction agreement.
AV expects the purchase of BlueHalo to expand its manufacturing capacity and advance the development of novel defense technologies across air, ground, maritime, space and cyber domains.
Source: GovConWire