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  • Friday, April 19, 2024

Leonardo DRS Signs Joint Venture Ownership Transfer Deal With Thales Defense Segment

Leonardo DRS has agreed to divest the 50 percent stake it holds in Advanced Acoustic Concepts, the defense contractor’s joint venture with the defense and security subsidiary of Thales.

ACC, which earned $80 million in 2021 revenue, offers undersea warfare systems to the U.S. Navy and employs more than 200 employees, Leonardo DRS said Tuesday.

The two companies expect to close the transaction in the second half of the year.

In March, Leonardo DRS signed a separate deal to sell its Global Enterprise Solutions business to global satellite operate SES as part of a portfolio realignment push.

The ACC venture runs a Washington, D.C., office for business development and customer engagement functions.

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