Boeing plans to acquire combat systems developer Argon ST for $775 million
By APWednesday, June 30, 2010
Boeing agrees to pay about $775M for Argon
ST. LOUIS — Boeing says it has agreed to acquire combat engineering firm Argon ST Inc. for about $775 million in cash in a deal to expand its capabilities in intelligence gathering and warfare.
Argon ST is a Fairfax, Va., company that develops a variety of systems used in surveillance, reconnaissance and combat.
Boeing’s offer of $34.50 per share is a 41 percent premium to Argon’s closing price on Tuesday. Argon says its board has approved it and plans to recommend it to shareholders.
The deal is expected to close in the third quarter. Once acquired, Argon is expected to be a standalone subsidiary of the Boeing Co., which is based in Chicago.
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