Shield AI plans to acquire Echodyne for $5.3 billion, valuing the company at $28.8 billion after the deal.

U.S. defense technology company Shield AI plans to acquire radar sensor company Echodyne for $5.3 billion, a deal that includes $4.8 billion in cash and equity, and $500 million in milestone payments. Shield AI also raised $2.5 billion in new funding to support its acquisition, including a $1 billion structured equity financing from Blackstone Group and a $500 million debt financing from JPMorgan Chase. Together with its previously completed $1 billion Series H funding round, Shield AI's valuation will reach $28.8 billion, more than double its $12.7 billion valuation in March. This funding will be available upon completion of the acquisition. (Source: Bloomberg)