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| Photo: Exelis |
[Avionics Today 02-06-2015] Harris Corporation and Exelis today announced a definitive agreement under which Harris will acquire Exelis in a cash and stock transaction valued at an estimated $4.75 billion. The boards of directors of both companies have unanimously approved the agreement and shareholders can expect the transaction to close in June 2015. Following the announcement, stocks for Harris have already soared 8 percent.
“Acquiring Exelis is transformational for Harris,” said William M. Brown, chairman, president and CEO of Harris. “The combination of the two companies’ highly complementary core franchises creates a competitively stronger company with significantly greater scale. We are expanding in a market where we have decades of success and a workforce dedicated to providing our customers with innovative and cost-effective solutions for some of their most complex challenges.”