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    Home / News / Business News / UK's BAE Systems will buy Ball Aerospace for $5.6 billion
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    UK's BAE Systems will buy Ball Aerospace for $5.6 billion
    BAE Systems's acquisition of Ball Aerospace is second biggest British merger of the year (Photo credit: BAE Systems)

    UK's BAE Systems will buy Ball Aerospace for $5.6 billion

    By Athik Saleh
    Aug 17, 2023
    01:24 pm

    What's the story

    UK defense contractor BAE Systems has announced the acquisition of US-based Ball Aerospace in a $5.6 billion deal. It is set to be completed in the first half of 2024.

    This strategic move is part of BAE's plan to expand its capabilities in spacecraft and missile development, as governments continue to increase weapons spending.

    The acquisition will be financed through a combination of new external debt and existing cash resources.

    Details

    Over half of Ball Aerospace employees hold US security clearance

    Ball Aerospace, a Colorado-based subsidiary of Ball Corporation, specializes in designing spacecraft and defense systems for national governments.

    With a workforce of over 5,200 employees, 60% of whom hold US security clearances, the company brings valuable expertise and capabilities to BAE Systems.

    This acquisition is projected to generate over $2 billion in annual revenue this year and adjusted earnings of around $310 million.

    What Next?

    BAE Systems emphasized the strategic, financial rationale of the acquisition

    BAE's CEO, Charles Woodburn, emphasized the strategic and financial rationale behind the acquisition, stating that it aligns with the company's focus on high-priority defense and intelligence spending.

    In a separate statement, Ball said it will be "well-positioned to accelerate capital return to shareholders via share repurchases and dividends over a lower average invested capital base" following the transaction.

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