Military radar testing company Giga-tronics has agreed to acquire Gresham Worldwide, a BitNile Holdings subsidiary that manufactures electronic systems for defense applications, as part of a share exchange agreement.
Giga said Tuesday it will combine its operations with Gresham to form an independent public company that will offer radio frequency and electronic warfare technologies.
BitNile will own 68 percent of the merged organization as part of the agreement with Giga and the parties expect to close the transaction in the first quarter of 2022.
The companies forecast the combined entity to generate $40 million in sales for the 12 months ending March 2023 and support more than 60 customers within the defense industry.
Giga produces radars, EW threat emulation systems and RF filters, while Gresham makes EW products for RF, automated testing, missile launching and power electronics applications.
