Harris Corp.’s [HRS] $5 billion acquisition of Exelis Inc. [XLS] is expected to close May 29, now that regulators and Exelis shareholders have given the go-ahead, Exelis said on Friday.
Exelis said that the Justice Department on Thursday terminated the waiting period for the merger under the Hart-Scott-Rodino Antitrust Act and in a special meeting on Friday more than 97 percent of the shares voted were in favor of the sale. The regulatory and shareholder approvals were the final two conditions to closing the transaction.
“The vote today shows our shareholders understand that together, Harris and Exelis will be better positioned to compete more effectively and profitably in the global marketplace,” David Melcher, president and CEO of Exelis, said in a statement.
Upon closure, Harris shareholders will own 85 percent of the combined company and Exelis shareholders 15 percent.