MELBOURNE, Florida and MCLEAN, Virginia, February 6, 2015 – Harris Corporation (NYSE:HRS) and Exelis, Inc. (NYSE:XLS) today announced a definitive agreement under which Harris will acquire Exelis in a cash and stock transaction valued at $23.75 per share, or an approximately $4.75 billion enterprise value. The agreement has been unanimously approved by the Boards of Directors of both companies. The transaction is expected to close in June 2015 and is subject to customary closing conditions, including regulatory and Exelis shareholder approval.

 

Under the terms of the transaction, Exelis shareholders will receive $16.625 in cash and 0.1025 of a share of …

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