AEVEX Corp. has completed the acquisition of Maritime Applied Physics, LLC, previously known as Maritime Applied Physics Corporation, pursuant to an agreement executed on August 12, 2026. The transaction, valued at a total enterprise value of $600,000,000, was finalized on September 8, 2026. The acquisition was executed through a reorganization agreement involving AEVEX, its subsidiaries, the Target, and the Seller, BlackSea Technologies, LLC.
The consideration paid at closing consisted of 12,727,273 shares of AEVEX Class A common stock, valued at $350,000,000, and the remaining cash amount determined by the total enterprise value less the agreed stock consideration. The closing consideration is subject to a post-closing adjustment of up to $5,000,000 based on net working capital, cash, indebtedness, and transaction expenses, which were deposited in an escrow account at closing.
In addition to the initial payment, the Seller is eligible to receive contingent consideration of $50,000,000. This contingent consideration is payable if, between the closing date and December 31, 2027, the 30-trading-day volume weighted average price of AEVEX shares equals or exceeds $28.00 per share and the Target meets specific revenue and gross profit targets related to the production of autonomous vessels known as GARC, CHASER, or COMET under U.S. government contracts.
Following the acquisition, BlackSea Technologies becomes the Maritime Systems division of AEVEX. The division will be led by Bob Pudney, the former CEO of BlackSea, to maintain the business's mission-focused culture and customer relationships. The press release indicates that BlackSea has delivered over 350 unmanned surface vessels and possesses a manufacturing facility in Baltimore capable of producing approximately 40 unmanned surface vessels per month.
