AeroVironment acquires Tomahawk Robotics for $120M in cash and stock

AeroVironment Inc

Total consideration $120M: 81% in restricted AVAV stock, 19% cash; lock-up restrictions on stock.
Closing expected in Q2 fiscal 2024 (by Oct 28, 2023) subject to customary conditions.
Tomahawk Robotics designs Kinesis, an AI-enabled common control system for multi-domain unmanned systems.
Tomahawk will operate within AeroVironment's SUAS business unit; all employees and Florida facility retained.
Acquisition aims to enhance interoperability for warfighters; products to remain platform agnostic.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AeroVironment Inc entered into Agreement and Plan of Merger with Tomahawk Robotics, Inc. valued at approximately $120 million (effective 2023-08-18).

Action: entry
Agreement: merger
Counterparty: Tomahawk Robotics, Inc.
Value: approximately $120 million
Effective: 2023-08-18

Exact text from the filing

On August 18, 2023, AeroVironment, Inc., a Delaware corporation (the “Company”), and Tropic Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Tomahawk Robotics, Inc., a Delaware corporation (“Tomahawk")

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AeroVironment Inc filing history →

Source: SEC EDGAR

accession 0001104659-23-094121

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