The Boeing Company announced today that they have entered into an agreement with Argon ST to acquire them for $775 million.
The acquisition of Argon, a leading defense company, will enhance Boeing’s presence in the cyber and intelligence markets through furthering their capabilities in sensors, communications technologies and information management.
Roger Krone, president of Boeing Network & Space Systems, commented on the new agreement.
“As part of Boeing, Argon ST will continue to provide leading-edge network-based communications solutions for domestic and international customers including the U.S. Navy, the U.S. Air Force and the Department of Homeland Security so they can continue to execute their critical missions,” he said. “We’re confident that this combined team will be able to achieve great things together in the future.”
According to Boeing’s press release, once Argon ST is acquired, it will be a stand-alone subsidiary of Boeing and a new division of Boeing Network & Space Systems, a business within the Boeing Defense, Space & Security operating unit.
Dr. Terry Collins, Argon ST chairman and chief executive officer, expressed excitement about the deal. “We're very pleased to join The Boeing Company,“ he said. “Our employee teams know each other well, and we are excited to now continue our combined support to our warfighters and first responders as one company.“
The transaction will most likely to close by the end of the third quarter 2010. Argon ST management team and board of directors unanimously approved the agreement.