The wind of change has been blowing on Capitol Hill. In 2015, half-way through Barack Obama’s second term in office and within days of the US Justice Department approving Lockheed Martin’s planned $9bn acquisition of Sikorsky Aircraft, the then Defense Secretary, Ash Carter, spoke out against further consolidation amongst US defence primes. Roll on almost exactly two years, however, and in September 2017, Northrop Grumman announced their agreement to acquire Orbital ATK in a deal valued at much the same – $7.8bn in cash and $1.4bn in a debt for equity swap.

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