Leidos (NYSE: LDOS) completed its $380 million acquisition of Gibbs & Cox two and a half months after it announced the cash transaction on Feb. 23 with the intention of combining the Arlington, Virginia-based ship design firm with the company’s maritime systems division.
Gibbs & Cox will be a wholly-owned subsidiary of Leidos and help it deliver engineering offerings to the U.S. Navy and other foreign naval forces by bringing in personnel with naval architecture and marine engineering knowledge, the company said Friday.
Roger Krone, chairman and CEO of Leidos, welcomed the Gibbs & Cox team composed of naval architects, designers, engineers and program managers to the company.
“Gibbs & Cox is widely regarded for developing the most talented and experienced naval designers in the world. We look forward to this new era of innovation while combining the best of both companies,” added Krone.
Earlier, the chief executive said the purchase is meant to further expand Leidos’ maritime business and provide customers with marine engineering, naval architecture, 3D modeling and design services.
Leidos’ exclusive financial adviser for the deal was Citigroup Global Markets while its legal adviser was Holland & Knight. Gibbs & Cox tapped Houlihan Lokey as exclusive financial adviser while Greenburg Traurig served as its legal adviser.
