Kratos Defense & Security Solutions is acquiring microwave technology solutions developer, Herley Industries. The California-based national defense, information technology, assurance and security solutions company will pay a total of $270 million for the deal, which is expected to close during the first quarter of 2011.

As part of the agreement, Kratos will buy all the shares of Herley for $19 per share in an all-cash tender. Jefferies and Credit Suisse Securities (USA) were the financial advisors to Herley, while Blank Rome, Blakinger, Byler & Thomas and Barley Snyder were Herley’s legal advisors.

Click here for the release from Herley.