Harris Corp. to buy Exelis in US$4.5 billion deal
Harris Corp. and Exelis have announced an agreement under which Harris will acquire Exelis in a cash and stock transaction valued at US$23.75 per share, or an approximately US$4.75 billion enterprise value. The agreement has been unanimously approved by the boards of directors of both companies. The transaction is expected to close in June 2015 and is subject to customary closing conditions, including regulatory and Exelis shareholder approval. On a pro forma basis for the 12 months ended 31 December 2014, the combined company would have had more than US$8 billion in revenue and about 23,000 employees globally, including 9000 engineers and scientists.
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