Shareholders at Orbital ATK (NYSE: OA) have approved a deal for Northrop Grumman (NYSE: NOC) to acquire the Dulles, Virginia-based aerospace and defense contractor in an estimated $9.2 billion transaction.
Holders of at least 99 percent of shares in Orbital ATK voted to approve the merger during the Wednesday meeting, the company said Wednesday.
Northrop will pay $7.8 billion in cash and assume $1.4 billion in net debt from Orbital ATK under the deal originally announced in September.
The transaction represented approximately 79 percent of Orbital ATK™s total outstanding shares as of Oct. 10.
David Thompson, president and CEO at Orbital ATK, said the merger seeks to advance technology innovation and product development in support of clients™ missions, provide career opportunities to employees and create value for stockholders.
Orbital ATK expects to close the transaction in the first half of 2018, subject to regulatory approvals.
