AeroVironment (Nasdaq: AVAV) has finalized its acquisition of Arcturus UAV through a $405 million cash-and-stock transaction in a push to expand its portfolio with the addition of medium unmanned aircraft systems.
AeroVironment said Monday Arcturus UAV will operate as its wholly owned subsidiary following the completion of the transaction, which was first announced in January.
Arcturus UAV uses its JUMP 20 vertical takeoff and landing platform and provides intelligence, surveillance and reconnaissance services in support of U.S. Special Operations Command under the potential $975 million Mid-Endurance UAS IV indefinite-delivery/indefinite-quantity contract. The company also supports the U.S. Army’s Future Tactical UAS program and offers T-20, a catapult-launched, fixed wing UAS.
“The JUMP 20 and T-20 platforms, combined with associated ISR services, represent a significant expansion to AeroVironment’s portfolio of intelligent, multi-domain robotic systems that will enhance long-term shareholder value and help our customers around the world Proceed with Certainty,” said Wahid Nawabi, president and CEO of AeroVironment.
