Leidos Holdings, Inc. has announced the completed acquisition of Gibbs & Cox, Inc. 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, Virginia, Gibbs & Cox is the largest independent ship design firm focused on naval architecture and marine engineering. 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,” said Leidos Chairman and CEO Roger Krone. “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.
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.