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.

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