Shareholders at Rockwell Collins (NYSE: COL) and airline cabin equipment supplier B/E Aerospace (Nasdaq: BEAV) have approved a deal originally announced in October for Rockwell Collins to purchase B/E Aerospace for approximately $6.4 billion in cash and stock.
The transaction was backed by more than 99 percent of Rockwell Collins shareholders and nearly 90 percent of B/E Aerospace stockholders during the companies’ separate special meetings held Thursday.
Both firms expect to complete their combination in the spring pending customary closing terms.
Rockwell Collins Chairman, President and CEO Kelly Ortberg said the Cedar Rapids, Iowa-based avionics company made the acquisition in a push to add new offerings for customers and accelerate growth of business operations.
Wellington, Florida-based B/E Aerospace noted that each share of the firm’s common stock issued and outstanding immediately before the closure of the deal will be automatically exchanged for the right to receive 0.3101 of a share of Rockwell Collins common stock and approximately $34.10 cash.
