Shield agrees to buy Echodyne for up to $5.3 billion

Shield announced on November 5, 2026 that it has entered into a definitive agreement to acquire Echodyne in a transaction valued at up to $5.3 billion: $4.8 billion paid and issued at closing, including Shield stock and cash, plus up to $500 million contingent on Echodyne meeting agreed performance targets. Shield is separately raising $2.5 billion, including $1 billion of Series H equity at a $28.8 billion valuation, $1 billion of structured equity from Blackstone-managed funds and $500 million of debt. The acquisition is expected to close in early 2027, subject to regulatory approvals and other customary conditions.

Echodyne builds radars that are used by defense, government and commercial customers in more than 40 countries, with radars integrated into hundreds of systems. Its manufacturing is based in Western Washington, and the company has grown to hundreds of employees.

Madrona said Echodyne will anchor Shield's Mission Systems unit, keep selling its radars as standalone products, and continue building its radars at its Kirkland facility, with CEO Eben Frankenberg reporting to Shield CEO Gary Steele.