Global Digital Solutions, a company that is positioning itself as a leader in providing knowledge-based and culturally attuned social consulting and security-related solutions in unsettled areas, has signed an exclusive letter of intent to acquire Illinois-based Airtronic USA, Inc.
The companies have agreed, on an exclusive basis, to enter into good faith discussions involving a potential strategic combination in which Airtronic would be acquired by GDSI. If the acquisition is completed as expected, Airtronic will continue to operate as a subsidiary of GDSI.
The exclusive agreement is subject to the completion of due diligence reviews by both companies and certain other conditions, including agreement by the United States Bankruptcy Court for the Northern District of Illinois, Eastern Division. Airtronic is currently a “debtor” under Chapter 11 of the Bankruptcy Code.
“This proposed strategic acquisition is extremely exciting for both GDSI and Airtronic,” said GDSI founder and largest shareholder Richard J. Sullivan, who will become non-executive chairman of GDSI after the acquisition is completed. “I’m looking forward to finalizing all necessary approvals and working with Dr. Merriellyn Kett and the entire Airtronic team going forward. Airtronic has a great track record of manufacturing essential battlefield weapons for the United States and our allies and is well-connected with key agencies in the U.S. and around the world. Working together, I believe GDSI and Airtronic will be a very powerful combination that fits perfectly into GDSI’s evolving strategy to become a leader in knowledge-based consulting and security-related solutions in unsettled, complex areas.”