30 June 2017
Daylight Solutions’ acquisition by Leonardo DRS completed
Daylight Solutions Inc of San Diego, CA, USA - which makes molecular detection, imaging and illumination systems based on mid-infrared quantum cascade lasers (QCLs) for scientific research, life science, industrial process control and defense applications – says that its acquisition by Leonardo DRS of Arlington, VA (formerly DRS technologies, now the US subsidiary of Italy’s Leonardo S.p.A) was completed on 23 June after the receipt of final regulatory approvals. Daylight signed a definitive agreement to be acquired by DRS in March, after Daylight’s stockholders approved the $150m acquisition.
Daylight will operate as one of eight Leonardo DRS lines of business, and will maintain its current management and location. All three co-founders Dr Timothy Day, Paul Larson and Sam Crivello will remain with Leonardo DRS. The transaction has been devised to be essentially transparent to Daylight’s existing customers and supply chain partners. All current contracts will continue to be executed without change.
Daylight was represented in the transaction by the legal firm of Morris, Manning & Martin LLP. Mooreland Partners acted as bankers for the transaction.
Daylight provides laser technology for protecting aircraft against shoulder-fired, heat-seeking missiles. It also provides next-generation technology for cancer research, tissue diagnostics, and pharmaceutical process control.
Leonardo DRS supplies integrated products, services and support to military forces, intelligence agencies, and prime contractors worldwide, specializing in naval and maritime systems, ground combat mission command and network computing, global satellite communications and network infrastructure, aviation support and avionics systems, and intelligence and security solutions. DRS also builds power systems and electro-optical/infrared systems for commercial customers.