By Joshua KirbyLeonardo SpA said Tuesday that it has agreed to merge its U.S. business with Rada Electronic Industries Ltd. in an all-stock transaction that will create a newly listed company. The Italian helicopter maker's Leonardo DRS subsidiary will acquire 100% of Nasdaq-listed, Israel-based defense-technology company Rada (RADA) in exchange for a 19.5% equity stake in Leonardo DRS for Rada shareholders. Leonardo will retain the remaining 80.5% stake in Leonardo DRS, it said. The transaction will give Leonardo a presence in Israel and help it develop internationally, the company said. Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby-Joshua Kirby(END) Dow Jones Newswires06-21-22 0205ETCopyright (c) 2022 Dow Jones & Company, Inc.

Source: Wall Street Journal June 21, 2022 06:47 UTC