Further to the announcement of 17 August 2023, BAE Systems has now received the necessary regulatory approvals and will be executing steps in the coming days to complete the acquisition of Ball Aerospace from Ball Corporation.

The final transaction is expected to close at a purchase price of $5.5 billion (£4.4 billion), which will be funded through existing cash and new external debt. The transaction will be treated as an asset purchase for federal tax purposes, with an expected net present value tax benefit of c.$750m making the underlying economic consideration for the business c.$4.8bn.

Ball Aerospace is a leading provider of spacecraft, mission payloads, and optical and antenna systems with decades of proven success underpinned by world class advanced technologies. The business has trusted customer relationships in the Intelligence Community, US Department of Defense, civilian space agencies, and with major aerospace and defence primes, and is well positioned in highly attractive markets, including military and civil space, C4ISR, and missiles and munitions. The business is based in Colorado, with more than 5,200 employees, many of whom hold US security clearances.

BAE Systems and Ball Corporation will be executing the plan to complete the acquisition in the coming days. The newly acquired business will be called Space & Mission Systems and will map within the Electronic Systems reporting segment.

"In recent years, we've said that we would seek out opportunities to grow our portfolio in advanced technology areas that meet our customers' most urgent needs, and completing the acquisition of Ball Aerospace is an example of that strategy in action. We look forward to welcoming the employees of Ball Aerospace to BAE Systems, bringing one of industry's most respected and capable businesses into the Group. The addition of this quality, fast-growing technology-focused business will significantly expand our presence in this increasingly critical space domain and further enhances our value compounding model of top line growth, margin expansion and high cash generation." Charles Woodburn, Chief Executive of BAE Systems.