McKean Defense Group has agreed to acquire technology company Mikros Systems for $0.13 per share or approximately $4.6M in cash as part of its efforts to add new tech capabilities to its Navy portfolio.
The boards of directors of McKean Defense and Mikros have approved the acquisition and the companies expect to close the transaction in the first quarter of 2021, subject to approval by shareholders of Mikros and other customary closing conditions, the companies said in a joint release published Thursday.
“With the added capabilities and skills from the Mikros acquisition, McKean will strengthen our support to the Littoral Combat Systems (LCS) platform and add significant combat systems monitoring and diagnostic analytics to our strategic offerings,” said Joseph Carlini, CEO of McKean Defense.
Mikros develops and manufactures electronic systems for advanced maintenance in military, commercial and industrial applications. Its capabilities include electronic systems engineering and integration, tech management and radar systems engineering.
Philadelphia-based McKean Defense is an employee-owned company focused on integrating information technology across shipboard systems and fielding new shipboard platforms.
Stevens & Lee advised McKean on the deal’s legal aspect. Spouting Rock Capital Advisors and Fox Rothschild respectively served as Mikros’ financial adviser and legal counsel. Guide Cap Partners also offered a fairness opinion to Mikros with regard to the transaction.