Nov. 30 (UPI) — Shareholders of Orbital ATK have overwhelmingly approved the corporate’s proposed purchase by Northrop Grumman Corporation.
The approval got here Wednesday at a distinct assembly, the place greater than 99 p.c of homeowners of Orbital ATK’s not unusual inventory — provide or represented by proxy — voted in want of the merger settlement introduced in September.
Under the deal, unanimously approved by the board of administrators of each firms, Northrop will purchase Orbital for roughly $7.eight billion in coins, plus the belief of $1.four billion in internet debt. Orbital ATK shareholders will obtain all-cash attention of $134.50 consistent with proportion.
“The acquisition of Orbital ATK by Northrop Grumman creates substantial value for our stockholders and enhances our capability to accelerate product development and technology innovation in support of our customers’ critical missions,” David W. Thompson, president and leader govt officer at Orbital, mentioned in a press unlock.
“The transaction also enables our employees to benefit from new opportunities and career paths as part of a larger and more diverse aerospace and defense company.”
The transaction is anticipated to near within the first part of 2018, matter to regulatory approvals.