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Engine Testing Space

Northrop Grumman to acquire Orbital ATK for US$9.2bn

Anthony JamesBy Anthony James20th September 20172 Mins Read
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Northrop Grumman and Orbital ATK announced on September 18 that they have entered into a definitive agreement under which Northrop Grumman will acquire Orbital ATK for approximately US$7.8bn in cash, plus the assumption of US$1.4bn in net debt.

Orbital ATK shareholders will receive all-cash consideration of US$134.50 per share. The agreement has been approved unanimously by the Boards of Directors of both companies. The transaction is expected to close in the first half of 2018 and is subject to customary closing conditions, including regulatory and Orbital ATK shareholder approval.

“The acquisition of Orbital ATK is an exciting strategic step as we continue to invest for profitable growth. Through our combination, customers will benefit from expanded capabilities, accelerated innovation and greater competition in critical global security domains,” said Wes Bush, chairman, chief executive officer and president of Northrop Grumman.

“Our complementary portfolios and technology-focused cultures will yield significant value creation through revenue synergies associated with new opportunities, cost savings, operational synergies and enhanced growth. We look forward to welcoming Orbital ATK’s talented employees to Northrop Grumman, and believe our combined strength will benefit our customers and shareholders.”

“We are very pleased to announce this agreement with Northrop Grumman. It reflects the tremendous value Orbital ATK has generated for our customers, shareholders and employees,” said David Thompson, president and chief executive officer of Orbital ATK.

“The unique alignment in culture and mission offered by this transaction will allow us to maintain strong operational performance on existing programs while we pursue new opportunities that require the enhanced technical and financial resources of a larger organization.

“Our employees will also benefit from greater development and career opportunities as members of a larger, more diverse aerospace and defense enterprise. We will remain focused on operational excellence and execution during and after the transition into Northrop Grumman.”

September 20, 2017

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