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SAN DIEGO–(BUSINESS WIRE)–Daylight Solutions announced today that the acquisition of the company by Leonardo DRS (formerly DRS technologies) was completed on June 23rdÂ after receipt of final regulatory approvals. Daylight signed a definitive agreement to be acquired by DRS back in March, after Daylightâ€™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 in San Diego. All three co-founders, Dr. Timothy Day, Paul Larson and Sam Crivello will remain with Leonardo DRS.Â The transaction has been devised to be essentially transparent to Daylightâ€™s current customers and supply chain partners. All of Daylightâ€™s current contracts will continue to be executed without change.
Daylight Solutions was represented in the transaction by the legal firm of Morris, Manning & Martin, LLP. Mooreland Partners acted as the companyâ€™s bankers for the transaction.
Daylight Solutions is a leader in next-generation laser technology for protecting aircraft against shoulder fired, heat seeking missiles. The company also provides next-generation technology for cancer research, tissue diagnostics, and pharmaceutical process control.
Leonardo DRS is a supplier of integrated products, services and support to military forces, intelligence agencies, and prime contractors worldwide. The firm specializes 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.