Leidos acquires ship design firm Gibbs & Cox for $380m
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Leidos acquires ship design firm Gibbs & Cox for $380m

10 May 2021 (Last Updated May 10th, 2021 12:57)

Leidos has closed the acquisition of Gibbs & Cox for a cash consideration of approximately $380m.

Leidos acquires ship design firm Gibbs & Cox for $380m
Gibbs & Cox-designed DDG-51 Arleigh Burke-class destroyer at sea. Credit: Leidos.

The acquisition was originally announced in February.

Based in the US, Gibbs & Cox is an independent ship design firm engaged in naval architecture and marine engineering.

Gibbs & Cox will be merged with Leidos’ maritime systems division and function as its fully owned subsidiary.

The acquisition enables Leidos to provide a wide range of engineering solutions to the US Navy and to an expanding number of foreign navies.

Leidos chairman and CEO Roger Krone said: “We are delighted to welcome the Gibbs & Cox team to the Leidos family.

“Gibbs & Cox is widely regarded for developing the most talented and experienced naval designers in the world.”

Leidos appointed Citigroup Global Markets as exclusive financial advisor and Holland & Knight as legal advisor for the transaction.

Meanwhile, Houlihan Lokey acted as exclusive financial advisor and Greenburg Traurig as legal advisor to Gibbs & Cox for the deal.

Gibbs & Cox president and chief executive Chris Deegan said: “We are excited to join Leidos, whose employee culture and history of innovation strongly mirror our own legendary 91-year history.

“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.”