Five years after the inflection marked by the Great Recession’s bottom and Iraq War’s end, the market for mergers and acquisitions in aerospace and defense is heating up and taking shape. At this halfway point through 2015, the value of transactions consummated and announced is approaching $30 billion, a torrid pace roughly twice the trailing 10-year average. The year’s transactions have put a resounding punctuation on three corporate development strategies that are ...

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