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| Photo: Exelis |
[Avionics Today 05-29-2015] Harris Corporation has completed its previously announced acquisition of Exelis. As of today, Harris shareholders own 85 percent of the combined company and Exelis shareholders own 15 percent.
“With about $8 billion in combined pro forma revenue, the acquisition creates significantly greater scale, bringing together two engineering-driven companies and workforces with similar cultures that value technology leadership. Together, the two companies’ complementary technologies and capabilities strengthen core franchises and provide new opportunities for innovation to solve our customers’ most complex challenges,” said William M. Brown, chairman, president and chief executive officer of Harris.
The transaction is expected to be slightly accretive on a Generally Accepted Accounting Principles (GAAP) basis to Harris in the first full year and a significant contributor thereafter. Harris expects to provide further fiscal 2016 guidance on its fourth quarter fiscal 2015 earnings call.