WASHINGTON– Covington is advising Shield on regulatory and business diligence matters in its acquisition of Echodyne Corp. in a transaction valued at $5.3 billion. Shield is raising $2.5 billion to support the transaction, including $1 billion in Series H funding at a $28.8 billion post-money valuation.
Shield is a global defense technology company with the mission of protecting service members and civilians with intelligent systems. Its products include Hivemind autonomy software, V-BAT and X-BAT autonomous systems, and Aechelon simulation and synthetic reality technologies.
Echodyne, a radar platform company, is a U.S. innovator and manufacturer of advanced radar solutions for defense, government, and commercial sectors. Its radars are built into hundreds of counter-drone and security systems used by defense, government, and commercial customers in more than 40 countries.
This is the second Shield transaction Covington has advised on this year, following the company’s acquisition of Aechelon announced in March 2026.
The Covington team in the Echodyne acquisition is led by Scott Freling and Catie Wettach. Other members of the Covington team include Ryan Burnette and Sela Carrington (Government Contracts); Heather Finstuen, Jacob Crump, and Darby Yeager (National Security); Steve Bartenstein, Lisa Ann Johnson, Shanelle Van, and Pearson Goodman (Trade Controls); and Yaron Dori and John Bowers (Communications).
The acquisition is expected to close in early 2027, subject to receipt of applicable regulatory approvals and satisfaction of other customary closing conditions.
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