Shareholders at Aerojet Rocketdyne (NYSE: AJRD) have approved a proposed agreement to sell the company to L3Harris Technologies (NYSE: LHX) and both parties expect the transaction to close in 2023, pending receipt of regulatory clearances and satisfaction of other customary closing conditions.
Aerojet said Thursday 99.7 percent of the votes cast at the stockholders’ special meeting were in favor of the deal.
“The shareholder vote represents a key milestone in the acquisition process, and integration planning is underway,” said Christopher Kubasik, chair and CEO of L3Harris.
“We continue to respond to Federal Trade Commission inquiries as we move toward an expeditious closing,” added Kubasik, a three-time Wash100 awardee.
In December, L3Harris struck a cash deal of approximately $4.7 billion, or $58 per share, to acquire Aerojet Rocketdyne.
Eileen Drake, president and CEO of Aerojet Rocketdyne, said the company is pleased with stockholders’ support for the acquisition and the approval marks another milestone in combining the two companies to advance innovation and strengthen competition for national security and space exploration propulsion technologies.