RADA Agrees To All-Stock Merger With Leonardo DRS

RADA 同意與萊昂納多 DRS 進行全股合併

Benzinga Real-time News · 2022/06/21 14:44

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.

瑞達電子工業有限公司(NASDAQ: RADA), 總部位於以色列的小型戰術雷達提供商, 和萊昂納多 DRS同意合併並成為合併的上市公司。
總部位於美國的中層防禦技術提供商萊昂納多 DRS 是萊昂納多公司（OTC：FINMY）的全資子公司。
萊昂納多·德瑞斯（Leonardo DRS）將收購 RADA 的 100％股本，以換取 RADA 股東的合併公司的約 19.5％股權。
合併後的公司將維持萊昂納多 DRS 的名稱，並預計將以「DRS」的代號在納斯達克和 TASE 進行交易。
拉達將成為萊昂納多 DRS 的全資子公司。
RADA 預計該交易將在第一年增加每股盈利。
向瑞安達股東提供合併後公司的 19.5% 所有權旨在提供超過 20% 的溢價（根據截至 2022 年 6 月 17 日的瑞安達 30 天 VWAP，為 11.76 美元）。
合併後的公司在 21 財年的營收為 27 億美元，調整後 EBITDA 的收入為 3.25 億美元。
合併後的公司目標是從 21 財年 3.15 億美元為止的青少年調整後 EBITDA 複合年增長率較低。
價格行動：瑞安拉達股票下跌 3.35%，價為 11.25 美元，上次檢查週二則上漲 10.93%，為 5.38 美元。