Lockheed Martin

Lockheed Martin announced a definitive agreement to acquire smallsat manufacturer Terran Orbital on Aug 15, 2024 ($0.25/share cash plus retirement of outstanding debt, ~$450M enterprise value/~$314M purchase consideration), following a rescinded earlier $1/share offer in March 2024. The acquisition closed Oct 30, 2024; Terran Orbital now operates as "Terran Orbital, a Lockheed Martin Company" within Lockheed Martin's Space business area.

Lockheed Martin announced a $4.4B agreement to acquire Aerojet Rocketdyne Holdings (announced Dec 20, 2020). The FTC voted 4-0 on Jan 25, 2022 to sue to block the vertical acquisition, arguing it would let Lockheed cut off rival defense contractors' access to critical missile propulsion systems (Aerojet being the last independent U.S. supplier). Lockheed Martin terminated the agreement Feb 13, 2022 rather than litigate. Aerojet Rocketdyne was instead acquired by L3Harris in 2023 (see related event).

Lockheed Martin separated its Information Systems & Global Solutions (IS&GS) business and combined it with Leidos Holdings in a Reverse Morris Trust transaction valued at approximately $4.6 billion aggregate. Structured via an intermediate spin-off entity (Abacus Innovations Corporation) whose stock was exchanged by Lockheed Martin stockholders and then merged into Leidos. Closed August 16, 2016. Confirmed via Lockheed Martin and Leidos SEC filings (Form 424B3, DEFM14A) and joint press releases.

United Technologies Corporation (UTC) announced on July 20, 2015 an agreement to sell its Sikorsky helicopter business to Lockheed Martin for approximately $9 billion in cash; the sale closed November 6, 2015. Sikorsky became a wholly owned Lockheed Martin business area. Confirmed via UTC and Lockheed Martin SEC 8-K filings and company press releases.

L-3 Communications was formed April 30, 1997 when Lockheed Martin divested ten non-core defense-electronics business units (most originally part of Loral Corporation, which Lockheed Martin had acquired in April 1996 for $9.1B) to a newly organized company led by former Loral/Lockheed executives Frank Lanza and Robert LaPenta, backed by Lehman Brothers. The deal was valued at roughly $500 million on businesses that generated about $650 million in prior-year revenue. L-3 Communications Holdings, Inc. was renamed L3 Technologies in 2016 and merged with Harris Corporation in 2019 to form L3Harris; this database's "L3 Technologies" organization row represents that same continuous corporate lineage from 1997 founding through the 2019 merger. Sourced from FundingUniverse and Encyclopedia.com corporate histories, corroborated by Lockheed Martin 1997 SEC filings referencing the divestiture.

Martin Marietta Materials, Inc. (holding the aggregates/construction-materials business of the pre-merger Martin Marietta Corporation) had already been separately incorporated in Nov 1993 and IPO'd in Feb 1994 (NYSE: MLM), with Martin Marietta/Lockheed Martin retaining an ~81% stake. On July 26, 1996, Lockheed Martin filed to distribute its full ~81% stake in Martin Marietta Materials' common stock to Lockheed Martin shareholders, completing the separation into a fully independent public company.