Harris Corp Completes Exelis Acquisition
[Via Satellite 05-29-2015] Harris Corporation finished its previously announced $4.75 billion acquisition of Exelis. Each outstanding share of Exelis common stock converted into the right to receive $16.625 in cash and 0.1025 of a share of Harris common stock. Harris shareholders own 85 percent of the combined company and Exelis shareholders own 15 percent.
“With about $8 billion in combined pro forma revenue, the acquisition creates significantly greater scale,” said William Brown, chairman, president and CEO of Harris.
Harris maintains that the transaction is expected to be slightly accretive on a Generally Accepted Accounting Principles (GAAP) basis in the first full year, and a significant contributor thereafter.