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Harris-Exelis merging gets clean sheet- completion of deal expected in days


The long-standing procurement of defense electronics specialist Exelis Inc. byHarris Corp. cleared one of its final hurdles when Exelis shareholders sanctioned the merger agreement.

Harris and Exelis executives announced a $4.75Bn deal last February for Harris to acquire Exelis in a cash and stock transaction worth $23.75 per share. The acquisition should close on Friday.

More than 97pc of the shares voted at the special meeting Friday voted in favor of the transaction, representing more than 79pc of all outstanding shares of Exelis.

The U.S. Department of Justice terminated the merger waiting period earlier this month. At close, Harris shareholders will own about 85 percent of the combined company, and Exelis shareholders will own about 15pc.

The combined company would have had more than $8Bn in revenue and about 23,000 employees globally in 2014, including 9,000 engineers and scientists.

The combined company will have executive leadership and be comprised of senior members of both organizations.

The combined company will be called Harris, but it is not clear if the company’s headquarters will remain in Melbourne, Fla., or related to the Washington, D.C. area. The Exelis headquarters has been in McLean, Va.

Exelis is a global aerospace, defense, information, and services company that specializes in positioning and navigation, sensors, air traffic management, image processing and distribution, communications, and information systems.

Harris is an international communications and information technology company with strengths in assured communications, systems, and services.


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