ARLINGTON, Va. -- (Business Wire)
Leonardo DRS, Inc. ("DRS"), a leading mid-tier defense technology provider, today announced that on October 24, 2022, DRS and RADA Electronic Industries Ltd. (NASDAQ & TASE: RADA) ("RADA") received regulatory approval from The Committee on Foreign Investment in the United States ("CFIUS"), representing one of the more important regulatory approvals required as a condition to close the previously announced merger of the two companies.
With this key regulatory approval and the previously announced RADA shareholder approval, closing of the transaction is now expected to occur at the end of November or beginning of December, subject to remaining regulatory approvals. Upon closing of the merger, RADA will become a wholly owned subsidiary of DRS, and DRS will trade on the NASDAQ and TASE under the symbol "DRS".
About Leonardo DRS
DRS is a defense solutions provider, a leading technology innovator, and supplier of integrated products, services and support to military forces, the intelligence community, and defense contractors worldwide. DRS is organized into Advanced Sensor and Computing and Integrated Mission Systems segments. Headquartered in Arlington, Virginia, Leonardo DRS is a wholly owned subsidiary of Leonardo S.p.A. See the full range of capabilities at www.LeonardoDRS.com
RADA is a global defense technology company focused on proprietary radar solutions and legacy avionics systems. The Company is a leader in mini-tactical radars, serving attractive, high-growth markets which include active military protection (SHORAD, C-RAM), counter-UAS missions, critical infrastructure protection and border surveillance.
This communication contains statements that constitute "forward-looking statements," including with respect to the proposed merger of DRS and RADA and its impact, if completed, on the combined company's business. Forward-looking statements are subject to numerous conditions, many of which are beyond our control. Neither RADA nor DRS undertake any obligation to update these statements, except as required by law.
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RADA Investor Relations Contact
EK Global Investor Relations
+1 212 378 8040
DRS Investor Relations Contact
Cody Slach or Jeff Grampp, CFA
+1 949 574 3860
DRS Media Contact
Vice President, Communications and Public Affairs
+1 571 447 4624
Source: Leonardo DRS
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