Leonardo’s U.S. subsidiary is set to start trading Tuesday on Nasdaq under the ticker symbol “DRS” after the completion of its all-stock merger with Israel-based RADA Electronic Industries that was first announced in June.
The closing of the transaction creates a public company that will offer sensing, network computing, force protection and electric power and propulsion systems, among other defense products, for U.S. military and intelligence agency clients, Leonardo DRS said Monday.
DRS’ Italian parent organization will own about 80.5 percent and RADA stockholders will own 19.5 percent of the combined entity as part of the agreement.
The combination had $2.7 billion in 2021 pro forma revenue and adjusted earnings before interest, taxes, depreciation and amortization of $305 million.
“We look forward to bringing Leonardo DRS’s mid-tier strength to the public markets with the addition of RADA’s leading tactical radar capabilities,” said William Lynn, chairman and CEO of Leonardo DRS.
The completion of the merger came a month after the Committee on Foreign Investment in the United States approved the transaction.
