Paul Hastings Advises Kratos Defense & Security Solutions in Acquisition of Herley Industries

February 08, 2011

San Diego, CA (February 8, 2011) - Paul, Hastings Janofsky & Walker, a leading global law firm, announced today that the firm advised Kratos Defense & Security Solutions, Inc., a provider of products and services for United States national security, in the acquisition of Herley Industries, Inc., a provider of microwave and millimeter wave components and subsystems to the defense and aerospace industries, for $19.00 per share in cash, or total consideration of $270 million.

Concurrently, the firm advised Kratos in the companys underwritten public offering of 4,250,000 shares of its common stock at a purchase price of $13.25 per share.

Corporate partners Deyan Spiridonov and Teri O'Brien led the team, which included partners Michael Chernick, Alexander Lee, and Stephen Harris, and associates Claudia Simon and Elizabeth Razzano.

The complexity of this transaction proved a perfect fit for the full-service capabilities of our practice combining expertise in M&A, leveraged finance, securities offerings, and regulatory matters," said Spiridonov, a partner in the firms M&A practice. "Kratos is one of the fastest growing companies in its space with a proven track record in M&A execution and integration. Our team is very well suited to support the business strategy of Kratos on an integrated M&A platform.

About Kratos Defense & Security Solutions, Inc.: Headquartered in San Diego, CA, Kratos Defense & Security Solutions, Inc. provides mission critical products, services and solutions for United States national security. Principal products, services and solution offerings relate to and support critical infrastructure security system design and integration.

Paul, Hastings, Janofsky & Walker is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.