Shareholders in rocket, missile and satellite manufacturer Orbital ATK overwhelmingly approved a merger with Northrop Grumman at a Wednesday, November 29 meeting, the company said.
Holders of approximately 79 percent of Orbital ATK’s stock approved the merger agreement, the company said in a press release, adding that it is expected that the transaction will close in the first half of 2018, pending regulatory approval.
First announced in September, the $9.2 billion merger deal includes $7.8 billion in cash and the assumption of $1.4 billion in Orbital ATK debt.
Northrop Grumman was ranked by SIPRI as the world’s fifth-largest defense contractor in 2015, while Orbital ATK was 38th on the list.
“Bringing together these two great companies will benefit our customers, shareholders and employees.The combination will provide increased competition, greater innovation and a broader set of capabilities, to help our customers solve their toughest challenges,” said Wes Bush, chairman, chief executive officer and president of Northrop Grumman.