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IHS Jane's: Defense & Security Intelligence & Analysis
 

General Dynamics wins race to acquire Axsys

By Guy Anderson

6/5/2009

General Dynamics has agreed to buy Axsys Technologies, a United States manufacturer of electro-optical and infrared sensors and systems for military and homeland security applications, for USD643 million: the sector's largest deal so far this year.

The companies announced on 4 June that both boards have approved the purchase for USD54 per share, although the deal remains subject to be regulatory and shareholder approval. It is likely to close by the third quarter of the year, at which point Axsys will become part of General Dynamics Advanced Information Systems (GD-AIS).

The announcement came after it emerged on 11 March that Axsys was evaluating the possibility of a sale and that it had retained the services of aerospace and defence deal-maker Jefferies Quarterdeck. Nasdaq-listed Axsys' share price climbed more than 54 per cent over the two months following the announcement, to reach USD50 per share at the close of 3 June. It rose to USD53 - just under the offer price - during early trading on 4 June.

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