From Breakingviews - Leonardo finds way out of defence IPO bind
listed Israeli radar maker RADA Electronic Industries in an all-stock deal. Profumo then wants to float the combined group on the Nasdaq and in Tel Aviv. The transaction revives last year’s plan for a DRS listing, which ran aground when investorsThe addition of RADA, which is growing faster and with fatter margins, should ensure more interest this time round.
Rapidly expanding European defence budgets after Russia’s invasion of Ukraine will also help. A 20% premium would value RADA at about $700 million. Its 19.5% share of the new group points to a $3.6 billion combined price tag, implying a $2.9 billion valuation for DRS – or north of $3.3 billion once recent disposals are taken into account. Partnering with RADA offers a neater exit strategy.
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