AEVEX has signed a definitive agreement to acquire BlackSea Technologies for up to $650 million, expanding the defense technology company’s autonomous systems capabilities across air, surface, and subsea environments.
Under the agreement, AEVEX will acquire BlackSea on a cash-free, debt-free basis for approximately $250 million in cash and $350 million in AEVEX Class A common stock priced at $27.50 per share, representing approximately 12.7 million shares. The transaction also includes up to $50 million of performance-based earnout consideration.
The acquisition is expected to close in September 2026, subject to expiration of the applicable Hart-Scott-Rodino waiting period and other customary closing conditions.
BlackSea is one of the largest providers of unmanned surface and subsea vessels to the U.S. defense market. Combining the company with AEVEX is expected to create one of the industry’s broader pure-play autonomous systems platforms, spanning unmanned aircraft systems, unmanned surface vessels, unmanned underwater vehicles, contested logistics vessels, long-range intelligence, surveillance and reconnaissance platforms, mission autonomy software, and deployable additive manufacturing.
The transaction gives AEVEX a significantly larger position in maritime autonomy while complementing its existing capabilities in autonomous aircraft, AI-enabled mission software, ISR, and electronic warfare.
Both companies have deployed autonomous technologies in contested operational environments, with systems supporting missions including ISR, precision strike, hybrid fleet operations, and contested logistics.
AEVEX also plans to combine its manufacturing capabilities with BlackSea’s maritime production infrastructure.
BlackSea operates a 57,000-square-foot production facility in Baltimore with deepwater access, robotic welding capabilities, and manufacturing capacity for approximately 40 unmanned surface vessels per month.
The combined manufacturing footprint is intended to support higher-volume production and faster delivery for U.S. and allied national security customers.
Another strategic component of the acquisition is the planned integration of AEVEX’s CompassX autonomy ecosystem with certain BlackSea maritime platforms.
AEVEX expects that integration to enable greater coordination among autonomous systems operating in different domains, including air and maritime environments. Potential capabilities include assured navigation in GPS-denied environments and faster integration of new payloads.
BlackSea also brings established relationships with the U.S. Navy, providing AEVEX with access to a portion of the maritime autonomy market where it previously had limited exposure.
The combined company expects to broaden its customer reach across the Navy, SOCOM, the intelligence community, international partners, and other defense programs.
BlackSea is expected to generate approximately $150 million in fiscal 2026 revenue, with margins in line with AEVEX’s existing business.
AEVEX also expects BlackSea’s multi-year contracts to increase revenue visibility and contribute to above-market growth beginning in fiscal 2027 and beyond.
The acquisition reflects growing defense-sector demand for autonomous systems capable of operating together across multiple environments rather than as isolated air, surface, or underwater platforms.
AEVEX intends to use the combination to pursue a more integrated approach in which autonomy software, manufacturing, sensors, payloads, and different classes of unmanned systems can be brought together for larger defense programs.
BlackSea will also gain access to AEVEX’s larger manufacturing base, autonomy technology, and existing customer relationships, potentially accelerating deployment of its maritime systems.
Mission continuity is expected to remain uninterrupted for BlackSea customers, vendors, and contracted programs during the integration.
Jefferies is serving as financial advisor to AEVEX, while Raymond James is serving as exclusive financial advisor to BlackSea. Kirkland & Ellis and Crowell & Moring are serving as legal advisors to AEVEX, while Cooley is advising BlackSea.
KEY QUOTES:
“BlackSea brings exceptional and strategically aligned maritime capability, but just as importantly, it brings a culture of mission focus and ingenuity that reflect the very roots of AEVEX. Collectively, we are defined by our people, our values, and our impact on national security. Welcoming BlackSea will be a natural fit, and I am proud of what our teams have built together to make it possible.”
Brian Raduenz, Founder and Executive Chairman of AEVEX
“This is exactly the kind of acquisition that aligns with our strategic priorities. BlackSea adds meaningful maritime scale to our mission with operationally proven platforms, deep customer relationships, and real production capacity that matches customer requirements. Together, we intend to create one of the largest pure-play multi-domain autonomous systems providers, delivering effects to the battlefield across air, surface, and subsea domains.”
Roger Wells, CEO of AEVEX
“Joining AEVEX is a natural next step for BlackSea. We’ve spent years building and deploying autonomous maritime systems in real-world environments, from hybrid fleet operations to contested logistics, and AEVEX brings the scale, manufacturing depth, and autonomy ecosystem needed to accelerate everything we’ve built. Our mission stays the same; our ability to deliver it grows.”
Bob Pudney, CEO of BlackSea Technologies
