ROME, May 14 (UPI) -- Italian company Finmeccanica announced plans to acquire New Jersey-based defense electronics developer DRS Technologies Inc. (NYSE:DRS)

Finmeccanica officials signed a merger agreement to purchase DRS for $81 per share or $5.2 billion. The deal, approved by the boards of directors from both companies, is a move by Finmeccanica to make its presence known in the U.S. defense market through consolidating its role internationally as a supplier of integrated systems.

Officials say DRS will continue to operate with its current management at its New Jersey headquarters and act as a wholly owned subsidiary of Finmeccanica.

"Today's transaction is a perfect fit; the complementary technologies and platforms will establish a new competitive player in defense and security markets in the U.S. and around the world," Pier Francesco Guarguaglini, Finmeccanica chairman and chief executive officer, said in a statement Tuesday. "The merger furthers Finmeccanica's tradition of investing in the U.S. and supporting the American warfighter with superior technology and value."

To complete the deal, the combined companies will have to comply with all U.S. security requirements and operate with a board of directors composed predominantly of U.S. citizens with security clearances and other security regulations under a U.S. Special Security Agreement.