BlackSea Technologies to Be Acquired by AEVEX for $650 Million
Cooley advised BlackSea Technologies, a Razor’s Edge portfolio company and one of the largest providers of unmanned surface and subsea vessels in the U.S. defense market, on its agreement to be acquired by AEVEX, a leading U.S. defense technology company specializing in autonomous systems, AI enabled mission software, and advanced ISR and electronic warfare solutions. Under the terms of the agreement, AEVEX will acquire BlackSea for $650 million, consisting of approximately $250 million in cash and approximately $350 million in shares of Class A common stock of AEVEX priced at $27.50/share. The transaction also includes $50 million in performance based earnout consideration.
The transaction was announced publicly in the following press release, which can be viewed here.
Andrew Lustig, Aaron Binstock, Kaycie Benesch-Rupp, Nick Kenyon, Sydney Sachs, Elise Robinson and Camille Awono led the Cooley team advising BlackSea Technologies.
Kimberly Nguyen, Bomin Kim, Helenanne Connolly, Virat Gupta, Nyron J. Persaud, Paula M. Fleckenstein, Breanna Qin, Christopher Kimball, Kevin King, Emily A. Mok, David Fletcher, Erin Murray Estevez, Michelle Schulman, Eileen Marshall, Amanda B. Pacheco, Megan Browdie, Julia Brinton, Jennifer C. Ok, Darren DeStefano, Robert Jacques, Loraine Torres, Brandon Lefebvre, Addison F. Pierce, and Yoni Horn provided invaluable support.
Cooley has advised Razor’s Edge for over 15 years and advised BlackSea Technologies on the original platform acquisition of Maritime Applied Physics Corporation and the subsequent add-on acquisitions of The Hard Yards, Lakenheath Electronics Design, and Blue Tide Marine.
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