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Aerojet Rocketdyne OKs acquisition by L3Harris

Aerojet Rocketdyne Holdings said Thursday its stockholders voted to approve the company’s proposed acquisition by L3Harris Technologies. The vote was 99.7% in favor of the transaction.

“The shareholder vote represents a key milestone in the acquisition process, and integration planning is underway,” said L3Harris Chair and CEO Christopher E. Kubasik. “We continue to respond to Federal Trade Commission inquiries as we move toward an expeditious closing.”

The two companies, which have facilities in Huntsville, announced in December a $4.7 billion all-cash transaction. L3Harris, the nation’s sixth-largest contractor, said it was paying $58 per share in the deal.

“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.”

On Wednesday, L3Harris Technologies received a request for additional information from the Federal Trade Commission as part of the regulatory review process for the acquisition of Aerojet Rocketdyne.

The second request extends the waiting period imposed by the Hart-Scott-Rodino Act until 30 days after L3Harris and Aerojet Rocketdyne have substantially complied with the request, or the waiting period is terminated sooner by the FTC.

The companies expect to close the transaction this year, subject to required regulatory approvals, clearances and other customary closing conditions.

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