AeroVironment, Inc. (NASDAQ: AVAV), a global leader in unmanned aircraft systems, today announced it had completed its acquisition of Arcturus UAV, Inc. a leading designer and manufacturer of high-performance unmanned aircraft systems (UAS). The approximately $405 million transaction was previously announced in a press release on January 13, 2021.
The United States Special Operations Command (USSOCOM) selected Arcturus UAV as one of six companies qualified for the potential $975 million indefinite-delivery/indefinite-quantity MEUAS IV contract in June 2020. The contract enables awardees to compete for site-specific task orders and provide USSOCOM with unmanned aircraft systems services and support for intelligence, surveillance and reconnaissance (ISR) operations. Arcturus UAV employs its VTOL JUMP 20 in support of USSOCOM operations, minimizing the logistical footprint of UAS operations while delivering multi-payload, multi-mission capabilities. Arcturus UAV is also one of four awardees selected for funded development and demonstrations supporting the U.S. Army’s FTUAS program, a potential billion dollar, and next-generation UAS program.
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“Like AeroVironment, the Arcturus UAV team is laser-focused on supporting its customers around the world with the most reliable and effective products and services for their missions,” said Wahid Nawabi, president and chief executive officer. “As we welcome the Arcturus UAV team to AeroVironment, we commit to maintaining or exceeding the high level of service our existing and new customers experience. The JUMP 20 and T-20 platforms, combined with associated ISR services, represent a significant expansion to AeroVironment’s portfolio of intelligent, multi-domain robotic systems that will enhance long-term shareholder value and help our customers around the world Proceed with Certainty.”
AeroVironment completed the acquisition of Arcturus UAV on February 19, 2021, resulting in Arcturus UAV becoming a wholly-owned subsidiary operating under the AeroVironment brand.
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Source: Business Wire via Yahoo Finance
Photo credit: AeroVironment