Leidos Holdings Inc., a science and technology company, recently announced the completed acquisition of Gibbs & Cox Inc. ("Gibbs & Cox") for approximately $380 million in cash. The transaction was previously announced on Feb 23, 2021. Gibbs & Cox will operate as a wholly-owned subsidiary and will be combined with Leidos' maritime systems division.
Headquartered in Arlington, Va., Gibbs & Cox is the largest independent ship design firm focused on naval architecture and marine engineering, officials said. The company's naval architects, designers, engineers and program managers develop innovative vessel designs and naval capabilities. The acquisition positions Leidos to provide a broad set of engineering solutions to the U.S. 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 in a statement announcing the acquisition completion. "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," said Gibbs & Cox president and chief executive Chris Deegan. "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."
Citigroup Global Markets Inc. served as exclusive financial advisor and Holland & Knight LLP served as legal advisor to Leidos. Houlihan Lokey served as exclusive financial advisor and Greenburg Traurig LLP served as legal advisor to Gibbs & Cox in connection with this transaction.
