Exelis shareholders approve merger
McLean-based Exelis Inc. said Friday that its shareholders approved the $4.75 billion acquisition by Melbourne, Fla.-based Harris Corp.
The Department of Justice also has notified the companies that the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for the merger is over.
The companies expect the merger to be completed May 29 although it remains subject to closing conditions. The combined company will be called Harris.
Still undecided is where the company will be headquartered.
“We are in active conversations with state and local authorities and expect to be able to announce a decision in the near future, sometime after the closing,” according to Harris spokesman Jim Burke.
Business leaders and company employees have speculated the company is considering moving headquarters to the Washington, D.C., area, , according to Florida Today. Florida leaders have been trying to convince Harris to stay.
The combined company will have more than $8 billion in revenue and 23,000 employees. Exelis is an aerospace, defense, information and services company, while Harris is an international communications and IT company.
Exelis shareholders will receive $16.25 in cash and 0.1025 of a share of Harris common stock for each Exelis share they own.
Following the merger, Harris shareholders will own about 85 percent of the company.