Aevex to buy BlackSea for $650 million; shares fall

Shares of defense firm Aevex AVEX.N fell 2.3% to about $22 in aftermarket trading.

The company said it would buy naval defense company BlackSea Technologies for up to $650 million on a debt-free basis.

The deal includes $250 million in cash and $350 million in stock, with each Aevex share priced at $27.50. It also includes $50 million in performance-based earnout consideration.

BlackSea makes unmanned surface and subsea vessels and will expand Aevex's maritime autonomy portfolio and diversify its revenue streams.

Separately, Aevex posted second-quarter revenue of $201.8 million, above Wall Street estimates of $159.7 million, according to data compiled by LSEG. It forecast full-year revenue of $700 million to $720 million, above analysts' estimates of $605.7 million.