Stockholders of Mikros Systems have approved the company’s merger with McKean Defense Group, an employee-owned company in Philadelphia focused on integrating information technology across shipboard systems.
With the approval, McKean and Mikros expect the transaction to conclude by Jan. 30, Saturday, the companies said in a joint release published Thursday.
McKean signed a definitive agreement in November to acquire Mikros for approximately $4.6 million in cash, or $0.13 per share, as part of a push to expand its Navy portfolio with the addition of technology capabilities from the transaction.
Mikros develops and manufactures electronic systems for advanced maintenance in military, commercial and industrial applications. Its capabilities include electronic systems engineering and integration, tech management and radar systems engineering.