US Foreign Investment Committee Approves Leonardo DRS-RADA Combination

The Committee on Foreign Investment in the United States has cleared a planned merger between Arlington, Virginia-based Leonardo DRS and Israeli radar maker RADA Electronic Industries (Nasdaq: RADA).

Both parties first announced their all-stock transaction in June and they now expect to complete the business combination in late November or early December.

DRS said Tuesday the CFIUS clearance was one of the regulatory authorizations needed for the companies to close the deal that would make Leonardo’s U.S. subsidiary a publicly traded company and RADA its wholly owned subsidiary.

The combined entity will trade on the Nasdaq and Tel Aviv Stock Exchange markets under the ticker symbol “DRS.”

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