INNOVATIVE SOLUTIONS & SUPPORT INC (ISSC): M&A transaction — IS&S acquires exclusive license for Honeywell military display generators and flight control computers for $14.2M

INNOVATIVE SOLUTIONS & SUPPORT INC

Acquired exclusive license for Honeywell's military display generators and flight control computers for $14.2M in cash.
Transaction includes exclusive IP rights, transfer of existing inventory, and assignment of certain contracts.
Increased bank credit facility to $35M with PNC Bank, maturing December 19, 2028, to finance the acquisition.
Acquisition expands IS&S's military aviation presence; company assumes repair, manufacturing, and upgrade responsibilities after transition.
CEO Shahram Askarpour cites strengthened position and operational efficiencies; PNC Bank provided support.

item 1.01 item 2.01 item 2.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

INNOVATIVE SOLUTIONS & SUPPORT INC completed an acquisition involving Honeywell International Inc. for $14.2 million in cash (closed 2024-09-27).

Action: acquisition
Counterparty: Honeywell International Inc.
Consideration: $14.2 million in cash
Closing: 2024-09-27

Exact text from the filing

Honeywell sold, assigned or licensed certain assets related to its various generations of military display generators and flight control computers, including a sale of certain inventory, equipment and customer-related documents; an assignment of certain contracts; and a grant of exclusive and non-exclusive licenses to use certain Honeywell intellectual property related to its various generations of military display generators and flight control computers to repair, overhaul, manufacture sell, import, export and distribute certain products to the Company for consideration of $14.2 million in cash.

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Source: SEC EDGAR

accession 0001104659-24-105936

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