secwatch.observer — SEC 8-K summary
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Issuer:     Leonardo DRS, Inc. (DRS)
CIK:        0001833756
Form:       8-K
Filed at:   2022-06-21T23:59:59+00:00
Accession:  0001628280-22-017550
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Leonardo DRS to acquire RADA Electronic in all-stock merger; RADA holders to get 19.5% of combined entity
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- All-stock merger: each RADA ordinary share exchanges for 1 share of Leonardo DRS common; pro forma ownership: Leonardo SpA 80.5%, RADA shareholders 19.5%.
- RADA termination fee of $40M if it accepts superior proposal; DRS termination fee of $40M if Specified Transaction not completed by deadline.
- Transaction expected to close by June 30, 2023, subject to RADA shareholder approval, regulatory approvals, and other conditions.
- Combined company targets low teen Adjusted EBITDA CAGR from 2021 base of $305M; deal expected accretive to RADA EPS in year one.
- RADA's tactical radars to enhance DRS's air defense and force protection offerings; combined company to trade on NASDAQ and TASE under 'DRS'.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1833756/000162828022017550/0001628280-22-017550-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1833756/000162828022017550/drs-20220621.htm
  HTML page:      https://secwatch.observer/filing/0001628280-22-017550

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