Boeing plans to acquire Argon ST
June 30, 2010, St. Louis, Missouri - Boeing says it has agreed to acquire combat engineering firm Argon ST Inc. for about US$775 million in cash in a deal to expand its capabilities in intelligence gathering and warfare.
June 30, 2010 By The Associated Press
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 per cent 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.