Defense

Our global team offers unparalleled advice to clients across the defense ecosystem, from prime contractors to tech innovators and the world’s leading investors.

Close up black and white image of a plane's metallic engine blades

We deliver end-to-end legal services for the entire defense supply chain. Our clients include leading contractors, start-ups and scale-ups, venture capital investors, private equity funds, financial institutions, and governments.

Our global network supports our clients wherever and whenever they need us. Members of our team hold security clearance in a range of jurisdictions around the world, enabling us to handle classified information and assist with procurement proceedings. This unique capability ensures that we are always ready to support you, no matter how complex the challenge.

With a comprehensive suite of services, no other firm can match our ability to guide you through the complex legal, technology, and financing challenges associated with the defense sector.  

Mergers and acquisitions, joint ventures and growth capital financing

Our market leading M&A team works with clients at every stage, from investors to emerging innovators on growth financing, to advising leading players on major public deals. We structure joint ventures and partnerships, including those between international and local organizations.

Our expertise covers antitrust regulations and foreign investment screening regimes, as well as public procurement procedures and defense market regulations. We are highly experienced in managing IP and technical data clauses, developing the most suitable solutions for our clients.

Financing, Equity Capital Markets and Debt Capital Markets

With governments increasing defense investment and regulatory authorities easing funding restrictions, our expertise gives our clients a competitive advantage.

We are recognised as one of the world’s leading finance firms, recently advising on the largest defense IPO ever recorded. We have deep experience across all public and private instruments – from equities to bonds, syndicated loans, private credit, export, and infrastructure financings. 

We provide comprehensive guidance on ESG compliance for defense financing, including evolving European frameworks such as the Corporate Sustainability Reporting Directive. 

Defense procurement and regulatory 

We have an unrivalled track record across the procurement lifecycle, from responding to governmental RfPs to advising on supply chain security and compatibility. We manage government-to-government equipment sales and hybrid projects involving both public and commercial entities.  Our team provides strategic advice on managing compliance regulations for public contracts, global sanctions and export control regimes. We have extensive experience in relation to classified information, dual-use items, and indirect taxation. We also have expertise on public-private partnerships and trade regulations. 

Compliance and investigations

We handle internal investigations and ensure compliance with all multinational regulatory requirements, including anti-money laundering (AML), cybersecurity, data privacy and Europe’s rapidly evolving defense regimes. 

Other areas of expertise

Cybersecurity and technology

Rapid advances in artificial intelligence, avionics, drone technologies, satellite communications, and advanced data analytics are reshaping the defense sector. We help clients identify, evaluate, and acquire technology‑rich businesses, ranging from AI and cybersecurity assets to secure communications providers. We also support them in identifying dual-use opportunities, and structuring joint ventures, strategic partnerships, and carve‑outs that accelerate innovation while managing security sensitivities. 

Infrastructure

Modern defence infrastructure spans far beyond traditional bases and logistics hubs. Alongside ports, energy grids, and transport networks, investment is accelerating in digital infrastructure such as data centres, cloud platforms, and dual‑use systems. We help clients structure and finance complex defense infrastructure projects. Our support encompasses acquisitions, joint ventures, and carve‑outs, with a focus on regulatory compliance and capital efficiency, ensuring critical projects progress securely and at scale.

Aerospace

The commercialization of space and next‑generation aerospace platforms is driving sustained investment across satellites and secure communications. We provide strategic advice for space‑related acquisitions and financings, with an emphasis on regulatory readiness and capital efficiency, alongside strategic guidance on space-related disputes. In this space, A&O Shearman is also increasingly active in transactions relating to critical minerals and metals for strategic resource projects.

Representative matters

  • Czechoslovak Group (CSG): Advising the underwriting syndicate on the EUR3.8 billion initial public offering of CSG on Euronext Amsterdam, marking the world's largest defense IPO ever recorded, both in terms of amount raised and market capitalization. The transaction is also the largest European IPO since 2022 and the largest listing on Euronext Amsterdam in more than a decade.
  • German Naval Yards Kiel GMBH in a procurement proceeding for equipment by the German government as well as on a competitive public procurement procedure regarding the award of a EUR5bn+ contract.
  • Thales on the acquisition of Cobham Aerospace Communications, a leading supplier of advanced and innovative safety cockpit communication systems, from Advent International.
  • A U.S. defense contractor on its negotiations with the Polish Ministry of National Defense concerning an offset agreement with a total value in excess of PLN530 million (approx. USD134m). The offset agreement is a part of the Raven Program (Kruk Program), one of the biggest ever Polish defense procurement programs with its total value estimated at USD12 billion.
  • Raytheon in its USD120bn combination with United Technologies Corporation through a merger of equals.
  • Textron Inc. in its USD1.4bn acquisition of Beech Holdings, LLC and its USD810m sale of its tools and test equipment business to Emerson Electric.
  • Stellwagen on the purchasing of C295 military aircraft from Airbus and subsequent leasing to Getcore for the UN World food programme.
  • A Middle East government on the procurement of a cyber defence technology solution for the country. 

Meet our team

Our lawyers have the skills and experience to handle our clients' most complex challenges. Meet them below.