Harris Corporation acquires Exelis for $ 4.7 Billion

Harris Corporation acquires Exelis for $ 4.7 Billion

Harris Corporation acquires Exelis for $ 4.7 Billion

The Harris Corporation, maker of satellite and communications equpiment for governments and busiensses, announced on Friday agreed to acquire Exelis for $ 4.7 billion in cash and stock deal.

 Exelis’ products include sensors and air traffic maangement, night vision communications solutions or electronic systems for defense and aerospace.

 “This agreement to become part of Harris Corporation represents an exciting new chapter for Exelis,” said David F. Melcher, CEO of Exelis, said. “Combining the companies not only creates shareholder value, but the commitment to excellence and innovation that both companies share will significantly benefit customers and provide new opportunities for employees.” added

Exelis sharehodlers would receive 16.625 in cash and 0.1025 of Harris share for each of their shares, which valued about $ 23.75.

“Acquiring Exelis is transformational for Harris,” said William M. Brown, CEO of Harris, “The combination of the two companies’ highly complementary core franchises creates a competitively stronger company with significantly greater scale.”

Harris Corporation advisors are Morgan Stanley as financial advisor and Sullivan & Cromwell provided legal advice. JPMorgan advised Exelis and legal advice provided Jones Day.

Mr. Stakebay says :

 Harris Corporation after Exelis acquisition earn more than $ 100 million in cost savings with 8 billion in annual sales and 23 000 employees, including 9 000 engineers and scientists. Harris shareholders will own approximately 85 percent of the combined company, remaining 15 percent will own Exelis.

 

CEO and President of Exelis…………..David F. Melcher …..2011 – present……..$ 6 492 274 (2013)

CEO and President of Harris Corp……William M. Brown ….2011 – present……..$ 7 847 382 (2014)

 

HARRIS CORPORATION

EXELIS
Revenue

 $ 5.012 Billion (2014)

4.816 Billion (2013)

Operating income

$ 795.4 Million (2014)

476 Million (2013)

Profit

$ 534.2 Million (2014)

281 Million (2013)

Total assets

$ 4.931 Billion (2014)

4.884 Billion (2013)

Total Equity

$ 1.825 Billion (2014)

1.652 Billion (2013)

Employees

 14 000 (2014)

19 000 (2013)

 

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