Italian Firm to Buy DRS Technologies

$5.3B sale gives Finmeccanica entry into US defense market
By Neal Colgrass,  Newser Staff
Posted May 12, 2008 10:30 PM CDT
Italian Firm to Buy DRS Technologies
A radar screen is seen in this undated file photo.   ((c) Steve Parker)

Italy's biggest defense contractor has agreed to buy DRS Technologies Inc. for $5.3 billion and grab a share of America's defense market, the Wall Street Journal reports. Finmeccanica will purchase the defense-electronics firm for $81 per share, a 32% premium on share price, pending approval by Washington. The deal is expected to close by year's end. (Read more military equipment stories.)

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