McKean Defense Group Signs a Definitive Agreement to Obtain Mikros Systems Corporation
McKean Defense Group, Inc. has announced that it has signed a definitive agreement to obtain Mikros Systems Corporation.
FREMONT, CA: McKean Defense Group, Inc. is a prominent Employee-Owned Life Cycle Management, Engineering, Enterprise Transformation, and Program Management business headquartered in Philadelphia, PA. The company has announced that it has signed a definitive agreement to obtain Mikros Systems Corporation. This advanced technology organization specializes in electronic systems technology for innovative maintenance in military, industrial, and commercial applications, for almost $4.6 million in cash.
Under the agreement's terms, McKean will obtain every outstanding common stock of Mikros for a cash payment of $0.13 per share through the merger. The boards of directors of both companies have accepted the transaction. It is expected that the acquisition will close in the first quarter of 2021, although it is subject to customary closing conditions, that includes approval by Mikros' stockholders.
Mikros introduces cutting-edge product and technology solutions, which highly compliment McKean's U.S. Navy portfolio. According to Joseph Carlini, Chief Executive Officer of McKean, McKean's maintenance engineers and modernization analysts have helped form the strategies for new ship programs and increase the Surface Navy's maintainability. With the help of added abilities and skills from the Mikros acquisition, McKean will increase the Littoral Combat Systems (LCS) platform's support and add crucial combat systems monitoring and diagnostic analytics to the strategic offerings.
Paul Casner, Chairman of the Board of Directors of Mikros, said the company ran a broad and comprehensive procedure, engaging with several potential buyers, and is pleased that the process resulted in a transaction that will increase stockholders' value. The collaboration of McKean and Mikros will increase the strength of both the organization and offer the Navy world-class engineering and support. Tom Meaney, Chief Executive Officer of Mikros Systems, added, the transaction is a testament to the extraordinary team of skilled employees and the company they have developed. The company has increased the growth of Mikros from a small research organization into a Prime Defense Contractor by offering proprietary remote maintenance and monitoring solutions to the United States Navy. McKean provides Mikros with a much larger platform to expand the combat system maintenance product line with the U.S. Navy while increasing dependability and decreasing sustainment costs.