Hydroid will now become part of HII’s Technical Solutions division. The acquisition of Hydroid expands HII capabilities in the strategically important and growing autonomous and unmanned maritime systems market.
The transaction is subject to regulatory review and customary closing conditions and is expected to close in the first quarter of 2020. The value of the transaction is $350 million.
The strategic alliance between HII and Kongsberg Maritime aims to enhance the companies’ capabilities to improve their respective services and product offerings to the US Navy, US Coast Guard and other national security customers. The companies will also explore opportunities to market each other’s products to customers on a global scale and to collaborate to create innovative solutions and additional opportunities for growth.
Hydroid’s advanced capabilities and reputation for excellence in autonomous and unmanned maritime systems provide the perfect complement to our existing unmanned operations, including Proteus in Panama City and our partnership with Boeing to produce the Orca XLUUV
commented Mike Petters, HII’s president and CEO.