MELBOURNE, Fla.–(BUSINESS WIRE) — On March 16 Aerojet Rocketdyne (NYSE: AJRD) shareholders overwhelmingly approved all necessary proposals to complete L3Harris Technologies’ (NYSE: LHX) acquisition of the company.
“The shareholder vote represents a key milestone in the acquisition process, and integration planning is underway,” said Christopher E. Kubasik, Chair and CEO, L3Harris. “We continue to respond to Federal Trade Commission inquiries as we move toward an expeditious closing.”
Both companies announced in December the signing of a definitive agreement for L3Harris to acquire Aerojet Rocketdyne for $58 per share, in an all-cash transaction valued at $4.7 billion, inclusive of net debt.
“We’ve heard the DoD leadership loud and clear: they want high-quality, innovative and cost-effective solutions to meet both current and emerging threats, and they’re relying upon a strong, competitive industrial base to deliver those solutions,” said Kubasik,
“With this acquisition, we will use the combined talents of more than 50,000 employees to drive continuous process improvement, enhance business operations and elevate the performance of this crucial national asset.”
“This agreement will accelerate innovation for national security propulsion solutions while providing a premium cash value for our shareholders and tremendous benefits for our employees, customers, partners and the communities in which we operate,” said Eileen P. Drake, CEO and President of Aerojet Rocketdyne.
“Joining L3Harris is a testament to the world-class organization and team we’ve built and represents a natural next phase of our evolution. As part of L3Harris, we will bring our advanced technologies together with their substantial expertise and resources to accelerate our shared purpose: enabling the defense of our nation and space exploration.”
“This is an exciting new chapter for Aerojet Rocketdyne and our over 5,200 dedicated team members, providing them with additional opportunities, and we look forward to working closely with L3Harris to complete this transaction,” she concluded.