Orbital ATK Inc., Dulles, Va., announces that its stockholders have overwhelmingly approved a merger agreement providing for the acquisition of Orbital ATK by Northrop Grumman Corp.
Orbital ATK designs, builds, and delivers space, defense, and aviation systems for customers around the world, both as a prime contractor and merchant supplier. Its main products include launch vehicles and related propulsion systems; missile products, subsystems and defense electronics; precision weapons, armament systems and ammunition; satellites and associated space components and services; and advanced aerospace structures.
“The acquisition of Orbital ATK by Northrop Grumman creates substantial value for our stockholders and enhances our capability to accelerate product development and technology innovation in support of our customers’ critical missions,” says David W. Thompson, Orbital ATK’s President and Chief Executive Officer. “The transaction also enables our employees to benefit from new opportunities and career paths as part of a larger and more diverse aerospace and defense company.”
Holders of more than 99% of Orbital ATK’s common stock present at the meeting or represented by proxy voted in favor of approving and adopting the merger agreement, which represented approximately 79% of the total number of outstanding shares of Orbital ATK’s common stock as of the October 10, 2017, record date for the special meeting.
The company expects the transaction to close in the first half of 2018, pending receipt of regulatory approvals.
