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Armor Holdings Buys Stewart & Stevenson

Armor will pay $35 a share.
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Armor Holdings


, a maker of security products and vehicle-armor systems, plans to acquire

Stewart & Stevenson Services

(SVC) - Get Free Report

, a producer of tactical vehicles for the military.

Armor will pay $35 for each Stewart share in the cash deal. The company said the total value of the transaction will be around $755 million after deducting Stewart's cash balance of $312 million.

The companies expect to close the deal around the middle of the year.

Shares of Stewart were rising $7.21, or 26.6%, to $34.31 Monday. Armor was up $3.48, or 6.3%, to $58.94.