BAE Systems is in discussions with Westminster, Colorado-based Ball Corp. (NYSE: BALL) to purchase the latter’s aerospace division in a potential deal worth more than $5 billion.
If an agreement is reached, the British defense contractor would take over the business that manufactures instruments and sensors for military, aerospace and national security applications.
The division reportedly drew interest from private equity firms Blackstone (NYSE: BX) and Veritas Capital Fund Management and defense contractors General Dynamics (NYSE: GD) and Textron (NYSE: TXT).
Ball wants to divest its aerospace unit, which constituted 13 percent of its net sales in 2022, to focus on its core packaging operations and reduce debt.
