Mentioned:
Joby Aviation is making a big bet on something new: defense electronics.
What’s happening:
- Joby Aviation (NYSE: JOBY) has entered into a definitive agreement to acquire defense electronics company Resonant Sciences for $500M USD
By the numbers:
- Joby Aviation will pay $450M USD in cash and issue $50M USD in equity to acquire Resonant Sciences
Why it matters:
- Resonant Sciences is focused on developing radio-frequency apertures and mission systems for United States military aircraft that are capable of operating in contested, GPS-denied environments while maintaining a low radar signature
Going deeper:
- Resonant Sciences sells directly to the United States government and leading prime contractors and generated roughly $100M USD In annual revenue over the past year
- Private equity giant Cerberus Capital Management is only outside institutional investor in Resonant Sciences
The intrigue:
- Joby Aviation just recently made major waves when they struck a new partnership with Travis Kalanick’s company Atoms to acquire and develop new transportation hubs for electric vertical takeoff and landing aircraft across the United States
