(ANSA) - ROME, JUN 21 - Leonardo "announces that the US subsidiary Leonardo Drs and Rada Electronic Industries", listed on Nasdaq, "have signed a binding agreement for the merger of Rada into Leonardo DRS and automatic listing of the latter".
"As promised, we have focused the LeonardoDrs portfolio and are now strengthening Drs with Rada in the strategic core businesses, with further growth potential, expansion of margins and opportunities in the Leonardo group", comments the CEO.
diLeonardo, Alessandro Profumo, announcing the merger of Drs inRada.
"We have agreed on an all-stock merger, also taking the opportunity to list Drs in the current context of market volatility, thus realizing what was expected last year".
Leonardo DRS - these are the contents of the transaction - will acquire 100% of the share capital of RADA in exchange for the assignment to the current shareholders of RADA of approximately 19.5% in Leonardo DRS of which Leonardo, through its US subsidiary Leonardo Holding, will continue to own 80.5%.
Upon completion of the transaction, expected by the end of the current year, Leonardo DRS will be listed on both NASDAQ and alTASE (Tel Aviv stock exchange) under the symbol DRS.
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