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DRS to Purchase Integrated Defense Technologies

Photonics Spectra
Nov 2003
Under a signed agreement, defense electronics supplier Integrated Defense Technologies (IDT) Inc. of Huntsville, Ala., will merge with a wholly owned subsidiary of DRS Technologies Inc. of Parsippany, N.J., to form a midtier defense technology company. DRS will acquire the outstanding stock of IDT for common stock and $17.50 per share in cash. Total consideration for the acquisition is estimated at $550 million, including an IDT debt to be refinanced.

Besides substantially expanding DRS' intelligence agency business, the acquired company will contribute a product base, customer relationships and program additions in power technologies. Subject to regulatory approvals and closing conditions, the completion of the transaction is expected by the end of the year.

BusinessdefenseDRS Technologies Inc.Integrated Defense Technologies (IDT) Inc.light speed

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