Aerojet Rocketdyne Acquisition by L3Harris Approved by Shareholders
At a special meeting held Thursday, Aerojet Rocketdyne Holdings announced that its stockholders voted to approve the Company’s proposed acquisition by L3Harris Technologies. 99.7% of votes cast were in favor of the transaction.
“Today’s stockholder approval is another milestone in the process of bringing together our two world-class organizations."
Eileen P. Drake, CEO and president of Aerojet Rocketdyne.
“We are pleased with the strong support of our stockholders for this transaction with L3Harris,” said Eileen P. Drake, CEO and president of Aerojet Rocketdyne. “Today’s stockholder approval is another milestone in the process of bringing together our two world-class organizations to accelerate innovation and strengthen competition for national security and space exploration propulsion solutions. We remain focused on completing this transaction and delivering the significant expected benefits for our employees, customers, partners and the communities in which we operate.”
The companies continue to expect to close the transaction in 2023, subject to required regulatory approvals, clearances and other customary closing conditions.
Aerojet Rocketdyne Acquisition was Announced last December
The proposed Aerojet Rocketdyne acquisition was first announced in December of last year. At that time, the proposal was for L3Harris to purchase the company for $58 per share in an all-cash transaction valued at $4.7 billion, inclusive of net debt. It marked L3Harris’ second acquisition announcement of 2022, demonstrating its continued focus on delivering critical capabilities to warfighters while strengthening the nation’s defense industrial base through increased competition.
The company said at the time that the acquisition will ensure the defense industrial base and Aerojet Rocketdyne customers will have a strengthened merchant supplier to effectively address both current and emerging threats – and promote scientific discovery and innovation – through targeted investment in advanced missile technologies, hypersonics and more.
“With this acquisition, we will use the combined talents of more than 50,000 employees to drive continuous process improvement, enhance business operations and elevate the performance of this crucial national asset,” said Christopher E. Kubasik, L3Harris CEO and Chair, at the time of the announcement.
(Source: Aerojet Rocketdyne news release and file story. Images from file)