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AeroVironment has entered into a definitive agreement under which the company will acquire Arcturus UAV for a total purchase price of US$405M, including US$355M in cash and US$50M in AeroVironment stock. The transaction, which was unanimously approved by the AeroVironment and Arcturus UAV Boards of Directors, is expected to accelerate the former’s strategy to drive profitable growth and value by expanding into attractive adjacent segments and by broadening its capabilities and customer footprint.

Founded in 2004 and based in Petaluma, California, Arcturus UAV has approximately 270 employees. The company designs and manufactures Group 2 and Group 3 Unmanned Aerial Systems (UAS) and provides related services, including Contractor-Owned, Contractor-Operated (COCO) services. Arcturus UAV is a leading supplier to the USSOCOM, supporting its US$1.4Bn MEUAS III and IV programmes. It is one of four awardees selected for funded development and demonstrations supporting the US Army’s FTUAS programme, a potential billion dollar, next-generation UAS programme. Arcturus UAV has a demonstrated track record of solid performance, with topline growth exceeding 20 per cent for each of its last two fiscal years.