Lockheed Martin Boosts Its Space Business With $4.4 Billion Aerojet Rocketdyne Buy
Lockheed Martin (NYSE: LMT) said Sunday that it would acquire Aerojet Rocketdyne Holdings (NYSE: AJRD) for $4.4 billion, beefing up the company's space capabilities at a time when the business is under pressure from new entrants including Elon Musk's SpaceX.
Lockheed Martin is paying $56 per share in cash for Aerojet, a premium of 33% over the target's Friday closing price. The price will be reduced to $51 per share after the payment of a $5 pre-closing special dividend.
Test-firing a rocker engine. Image source: Aerojet Rocketdyne.
Source Fool.com
