Joele Frank handles Aerojet Rocketdyne as Lockheed Martin bails on the $4.4B acquisition of the aerospace and defense contractor.

Lockheed terminated the deal on Feb. 13 after the Federal Trade Commission filed a lawsuit seeking a preliminary injunction to block the deal that was announced Dec. 20, 2020.

The FTC believes the acquisition of the nation’s last independent maker of missile propulsion systems would raise prices and reduce competition.

Aerojet Rocketdyne remains confident in its future as an independent company.

It cited “an impressive backlog that is more than three times the size of our annual sales and a strong macroeconomic environment underpinning our portfolio,"

Joele Frank, Wilkinson Brimmer Katcher’s Sharon Stern and Katelyn Villany represent Aerojet Rocketdyne.