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RADA Agrees To All-Stock Merger With Leonardo DRS

RADA 同意与莱昂纳多 DRS 进行全股合并

Benzinga Real-time News · 2022/06/21 10:44

RADA Electronic Industries Ltd.(NASDAQ:RADA), an Israel-based provider of small-form tactical radars, and Leonardo DRS Inc have agreed to merge and become a combined public company.
U.S.-based mid-tier defense technology provider Leonardo DRS is a wholly-owned subsidiary of Leonardo S.p.A. (OTC:FINMY).
Leonardo DRS will acquire 100% of the share capital in RADA in exchange for ~19.5% equity ownership in the combined company to RADA shareholders.
The combined company will maintain the name Leonardo DRS and is anticipated to trade on NASDAQ and TASE under the symbol "DRS."
RADA will become a wholly-owned subsidiary of Leonardo DRS.
RADA expects the transaction to be accretive to earnings per share in year one.
The 19.5% ownership in the combined company provided to RADA shareholders was designed to provide a premium of over 20% (based on RADA 30-day VWAP as of June 17, 2022, of $11.76).
The combined company had revenue of $2.7 billion and $305 million of Adjusted EBITDA in FY21.
The combined company targets a low teen Adjusted EBITDA CAGR through FY23 from an FY21 base of $305 million.
Price Action: RADA shares are trading lower by 3.35% at $11.25 and FINMY higher by 10.93% at $5.38 on the last check Tuesday.

RADA 电子工业有限公司（纳斯达克股票代码：RADA），一家总部位于以色列的小型战术雷达供应商，以及莱昂纳多 DRS已同意合并并成为合并后的上市公司。
总部位于美国的中端国防技术提供商Leonardo DRS是莱昂纳多有限公司（场外交易代码：FINMY）的全资子公司。
莱昂纳多DRS将收购RADA100％的股本，以换取RADA股东在合并后公司约19.5％的股权所有权。
合并后的公司将保留Leonardo DRS的名称，预计将在纳斯达克和TASE上市，股票代码为 “DRS”。
RADA将成为莱昂纳多DRS的全资子公司。
RADA预计，该交易将在第一年增加每股收益。
向RADA股东提供的合并公司19.5％的所有权旨在提供超过20％的溢价（基于截至2022年6月17日的RADA30天VWAP为11.76美元）。
合并后的公司在21财年的收入为27亿美元，调整后的息税折旧摊销前利润为3.05亿美元。
合并后的公司的目标是到23财年调整后的息税折旧摊销前利润复合年增长率从21财年的3.05亿美元降至十点。
价格走势：在周二的最后一张支票中，RADA股价下跌了3.35％，至11.25美元，FINMY上涨了10.93％，至5.38美元。

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