Leidos Holdings has announced the completed acquisition of ship design firm Gibbs & Cox for approximately US$380 million ($484 million) in cash.
The transaction, first announced in February, will see Gibbs & Cox now operate as a wholly-owned subsidiary and be combined with Leidos’ maritime systems division.
Leidos says that the acquisition positions the company to provide a broad set of engineering solutions to the US Navy and to an expanding set of foreign Navies.
“We are delighted to welcome the Gibbs & Cox team to the Leidos family,” Leidos Chairman and CEO Roger Krone said. “Gibbs & Cox is widely regarded for developing the most talented and experienced naval designers in the world.
"We look forward to this new era of innovation while combining the best of both companies.”
“We are excited to join Leidos, whose employee culture and history of innovation strongly mirror our own legendary 91-year history,” Gibbs & Cox President and Chief Executive Chris Deegan said. “Gibbs & Cox will remain the nation’s largest independent provider of maritime services.
"The combination of our world-class naval architecture, design and engineering services with Leidos’ speed, security and scale will significantly enhance our combined offerings in the fast growing maritime undersea, autonomous and cyber security segments.
"We look forward to mapping a new Gibbs & Cox with Leidos for the next 90 years.”