BAE Systems has successfully secured the necessary regulatory approvals for the acquisition of Ball Aerospace from Ball Corporation. The final transaction is expected to close at a purchase price of $5.5 billion, funded through existing cash and new external debt. The acquisition will be treated as an asset purchase for federal tax purposes, with an expected net present value tax benefit of approximately $750 million, making the underlying economic consideration for the business around $4.8 billion.

Ball Aerospace is a leading provider of spacecraft, mission payloads, and optical and antenna systems with trusted customer relationships in the Intelligence Community, US Department of Defense, civilian space agencies, and major aerospace and defense primes. The business, based in Colorado, has over 5,200 employees, many of whom hold US security clearances. It is well positioned in highly attractive markets, including military and civil space, C4ISR, and missiles and munitions.

The newly acquired business will be named Space & Mission Systems and will be part of the Electronic Systems reporting segment within BAE Systems. Charles Woodburn, Chief Executive of BAE Systems, expressed excitement about the acquisition, stating, "The addition of this quality, fast-growing technology-focused business will significantly expand our presence in this increasingly critical space domain and further enhances our value compounding model of top-line growth, margin expansion, and high cash generation."

BAE Systems will provide 2024 Group guidance at their preliminary results on 21 February 2024, incorporating the acquisition.