MELBOURNE, Fla., May 29 (UPI) -- Exelis, a technology solutions company, is now part of Harris Corporation following the completion of a previously announced $4.75 billion acquisition deal.
Under the deal concluded Friday, each outstanding share of Exelis common stock converted into the right to receive $16.625 in cash and 0.1025 of a share of Harris common stock.
Harris said it now owns 85 percent of Exelis, which came into being in 2011 as a spinoff of ITT Corporation's defense business.
"The Exelis acquisition is transformative for our company and marks a major milestone in Harris' 120-year history," said William M. Brown, chairman, president and chief executive officer of Harris. "With about $8 billion in combined pro forma revenue, the acquisition creates significantly greater scale, bringing together two engineering-driven companies and workforces with similar cultures that value technology leadership.
"Together, the two companies' complementary technologies and capabilities strengthen core franchises and provide new opportunities for innovation to solve our customers' most complex challenges."
Harris is a major communications technology company and the maker of Falcon radio used by military and security forces around the world.
