AEVEX to Acquire BlackSea Technologies in Deal Worth Up to $650 Million

AEVEX Corp. (NYSE: AVEX), a U.S. defense technology company, has signed a definitive agreement to acquire BlackSea Technologies, one of the largest providers of unmanned surface and subsea vessels in the U.S. defense market, in a transaction valued at up to $650 million on a cash-free, debt-free basis.

At a Glance

Acquirer: AEVEX Corp. (NYSE: AVEX), a U.S. defense technology company specializing in autonomous systems, AI-enabled mission software, and advanced ISR and electronic warfare solutions.
Target: BlackSea Technologies, one of the largest providers of unmanned surface and subsea vessels in the U.S. defense market.
Deal value: Up to $650 million on a cash-free, debt-free basis.
Consideration: Approximately $250 million in cash, approximately $350 million in AEVEX Class A common stock (about 12.7 million shares priced at $27.50 per share), plus up to $50 million in performance-based earnout consideration.
Timing: The deal is expected to close in September 2026, subject to the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions.
Advisors: Jefferies advised AEVEX; Raymond James served as exclusive financial advisor to BlackSea; Kirkland & Ellis provided legal counsel to AEVEX.

Background

AEVEX Corp. is a publicly traded U.S. defense technology company that develops autonomous systems, AI-enabled mission software, and advanced intelligence, surveillance and reconnaissance (ISR) and electronic warfare solutions, historically with a heavy emphasis on airborne platforms. BlackSea Technologies is one of the largest suppliers of unmanned surface vessels (USVs) and unmanned underwater vehicles (UUVs) to the U.S. defense market, supporting programs across surface and subsurface maritime domains.

Once completed, the acquisition will extend AEVEX’s platform into maritime autonomy, giving the combined company a footprint spanning air, surface, and subsea defense domains. The transaction positions AEVEX as a multi-domain autonomous systems provider capable of serving customers that increasingly want integrated, cross-domain unmanned capabilities rather than single-domain point solutions.

The deal reflects a broader consolidation trend underway across the unmanned and autonomous defense systems sector. As the U.S. Navy and allied navies scale up unmanned surface vessel and unmanned underwater vehicle programs to support intelligence, surveillance and reconnaissance missions, mine countermeasures, and the protection of seabed and undersea infrastructure, larger technology platforms are acquiring specialized maritime autonomy companies to build out multi-domain offerings rather than compete purely on single-domain expertise.

Regional/Industry Impact

The AEVEX-BlackSea transaction is a U.S. domestic deal with no direct Turkish angle, but it is a useful data point for other navies and defense industries building unmanned maritime capabilities. As U.S. consolidation accelerates around multi-domain autonomous platform providers, competition in export markets and in technology partnerships is likely to intensify, and companies elsewhere that specialize in unmanned surface and subsea systems will be watching how U.S. buyers assemble scale.

Turkey’s own defense industry already has an active presence in this segment, with companies such as ASELSAN, the Sefine Shipyard-linked ULAQ unmanned surface vessel program, and Meteksan Savunma developing unmanned naval systems. Global consolidation moves of this kind may shape where competitive pressure and potential partnership or supply-chain opportunities emerge for such players over time, though no direct connection between this transaction and Turkish industry has been reported.

FAQ

When is the deal expected to close?

The transaction is expected to close in September 2026, subject to the Hart-Scott-Rodino waiting period and other customary closing conditions.

How much is the deal worth?

Up to $650 million on a cash-free, debt-free basis, comprising roughly $250 million in cash, roughly $350 million in AEVEX stock, and up to $50 million in performance-based earnout payments.