ROME (AP) -- Italian aerospace and defense company Finmeccanica SpA has bought U.S. military contractor DRS Technologies Inc. for US$5.2 billion (euro3.36 billion), the companies said Tuesday.
The purchase allows Finmeccanica to acquire a key role in the U.S. market.
Finmeccanica will pay US$81 (euro52.50) per share in cash, a statement said. The overall bid includes US$1.2 billion (euro780 million) in net debt.
Under the agreement, DRS will operate as a wholly owned subsidiary. It will maintain its current management and headquarters, located in Parsippany, New Jersey.
''Today's transaction is a perfect fit,'' said Pier Francesco Guarguaglini, chairman and chief executive of Finmeccanica. ''The merger furthers Finmeccanica's tradition of investing in the U.S. and supporting the American warfighter with superior technology and value.''
