Kirkland, Lowenstein Steer Greenbriar's $81M Arotech Buy

By Darcy Reddan (September 23, 2019, 5:30 PM EDT) -- Private equity firm Greenbriar said Monday it will buy Michigan-based defense and security company Arotech in an $80.8 million deal steered by Kirkland & Ellis LLP and Lowenstein Sandler LLP.

Greenbriar Equity Group LP plans to snap up all of the outstanding shares of Arotech Corp. for $3 apiece, the private equity firm said. The purchase price carries a 32.7% premium over Arotech's closing price on Sept. 20, 2019. The deal has already been approved by Arotech's board of directors and is expected to close in the first quarter of 2020.

While the deal has already been approved by the Arotech...

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