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January 21, 2020

Aviation Week quotes Byron Callan

"BAE Erupts Onto M&A Scene With Strategic Deals For GPS, Radios" by Michael Bruno

Byron Callan quoted in Michael Bruno's Aviation Week article, "BAE Erupts Onto M&A Scene With Strategic Deals For GPS, Radios."

The article reads:

The unit is now in the early stages of developing M-Code GPS technology, a more secure encrypted signal transmitted by GPS Block III satellites, said analyst Byron Callan of Capital Alpha Partners. M-Code enables jamming of civilian GPS signals while not degrading military communications. Only Collins, Raytheon and L3Harris were authorized by the Pentagon to provide the technology.

The Raytheon radio segment, meanwhile, adds some software-defined radio capability to BAE, namely the ARC-231A, where it has also been active, according to Callan.


Callan said the BAE moves were interesting for several reasons. For starters, “of large defense contractors, BAE Systems hadn’t done much in terms of major deals in over a decade.” According to him, BAE’s last major acquisition was for the then-named Detica in 2008.


Said Callan, “The UTC-Raytheon divestitures and the L3Harris divestiture of a night vision product line, which Elbit purchased, are reminders that analysts and planners need to consider non-U.S. firms with U.S. operations as they assess the market landscape in the 2020s for defense.”

Full article: