Boeing wraps up Argon ST purchase

Boeing Co. has completed its acquisition of Argon ST Inc.

Argon ST, based in Fairfax, Va., develops Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance systems as well as combat systems.

Shareholders of Argon ST will receive $34.50 in cash, without interest and less any applicable withholding taxes, for each share of Argon ST common stock, according to a Boeing statement today.

The purchase price was approximately $775 million.

As a result of the merger, Argon ST is now a wholly owned subsidiary and a new division of Boeing Network & Space Systems, a business within the Defense, Space & Security operating unit.

Earlier this summer, Boeing announced its intent to acquire Argon ST as part of the company's strategy to expand its capabilities to address the C4ISR, cyber and intelligence markets.

Immediately prior to the merger, Vortex Merger Sub Inc., a wholly owned subsidiary of Boeing, successfully completed its cash tender offer to purchase all outstanding shares of common stock of Argon ST.

Boeing Co., of Chicago, ranks No. 2 on Washington Technology’s 2010 Top 100 list of the largest federal contractors.