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  • Monday, November 25, 2024

Orbital ATK Shareholders OK $9.2B Merger With Northrop; David Thompson Comments


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.

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