William Brown: Harris Closes ‘Transformative’ $4.75B Buy of Exelis

FalconRadioHarris Corp. (NYSE: HRS) has closed its $4.75 billion cash-and-stock acquisition of Exelis nearly three months after the companies announced the transaction, which sees Harris shareholders own 85 percent and Exelis shareholders hold 15 percent in the combined company.

“The Exelis acquisition is transformative… and marks a major milestone in Harris’ 120-year history, ” Harris CEO William Brown said Friday.

Harris — the Melbourne, Fla.-based radio maker — said in a subsequent filing with the Securities and Exchange Commission that McLean, Va.-based Exelis will operate as a subsidiary of Harris.

Exelis shareholders approved the deal May 22, a day after the Justice Department gave antitrust clearance for the transaction.

You may also be interested in...

CACI International

CACI Awarded FEMA National Public Warning System Support IDIQ

CACI International (NYSE: CACI) has received a potential five-year, $48 million contract from the Federal Emergency Management Agency to modernize and sustain FEMA’s National Public Warning System.

Northrop Grumman

Northrop Books $155M MDA Contract to Demonstrate Space-Based Sensing Tech

Northrop Grumman (NYSE: NOC) will aim to demonstrate a space-based sensor technology for defending against hypersonic weapons and other sophisticated missile threats under a $155 million prototype award from the Missile Defense Agency. The company will perform on-orbit demonstration, launch and initial orbit testing work under Phase IIa of MDA's Hypersonic and Ballistic Tracking Space Sensor program, the Department of Defense said Friday.