AEVEX to acquire BlackSea Technologies for up to $650M in cash and stock

AEVEX Corp.

Deal value: $600M base enterprise value plus up to $50M earnout; consideration ~$350M stock (12.7M shares at $27.50) + cash.
Expected close September 2026, subject to HSR waiting period expiration and customary conditions; no stockholder vote required.
BlackSea expected to generate $150M FY2026 revenue with margins in line with AEVEX; adds USV/UUV maritime capabilities.
BlackSea operates 57,000-sq-ft Baltimore facility with ~40 USVs/month capacity; cash portion financed from cash on hand and existing credit.
Seller restricted from transferring shares for 180 days; up to 70% transferable by day 365; earnout tied to share price and GARC/CHASER/COMET revenue.

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