Leonardo DRS has signed an agreement to acquire Daylight Solutions, a US firm that develops and supplies quantum cascade laser products and technology.
“Acquisition of Daylight Solutions is a first significant step forward towards the objectives of growth and development of the Industrial Plan 2017-2021." Mauro Moretti Leonardo CEO and General Manager said in a statement today.
This acquisition will allow Leonardo DRS to extend the range of advanced solutions to civil and military customers around the world, integrating the Daylight Solutions laser technology in the core business of electro-optical and infrared sensors and systems.
The integration of laser and sensor systems developed by the two companies can be used in a variety of dual-use applications, including aircraft survivability products and medical and industrial applications, including imaging for cancer diagnostics and chemical detection.
Daylight Solutions is expected to grow significantly in the coming years, thanks to the rollout of new US military aircraft survivability systems, where Daylight Solutions has secured significant roles.
Daylight‟s Scientific Instrumentation business segment is at the forefront of introducing new diagnostic and analytical tools for medical research and treatment, which build on the commercial utilization of its core quantum cascade laser products.
Leonardo DRS will pay US$150 million for 100% of the equity of Daylight Solutions, valuing the company at approximately 9x EV/EBITDA 2017E.
The purchase price includes an earn-out, to be released to Daylight Solutions shareholders upon achievement of certain financial and operating targets for the year 2017.
Following the closing of the transaction, Daylight Solutions will be one of eight Leonardo DRS lines of business. Both Daylight Solutions co-founders, Timothy Day and Paul Larson, will remain with Leonardo DRS.
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