The Harris Corporation, maker of Falcon III tactical radio and other communications systems, is buying defense electronics firm Exelis.
Under a definitive purchase agreement announced Friday, Harris will acquire Exelis in a cash and stock transaction worth about $4.75 billion.
The deal, subject to customary closing conditions, including regulatory and Exelis shareholder approval, is expected to close in June.
"Acquiring Exelis is transformational for Harris," said William M. Brown, chairman, president and chief executive officer of Harris. "The combination of the two companies' highly complementary core franchises creates a competitively stronger company with significantly greater scale."
Said David F. Melcher, chief executive officer and president of Exelis: "This agreement to become part of Harris Corporation represents an exciting new chapter for Exelis. Combining the companies not only creates shareholder value, but the commitment to excellence and innovation that both companies share will significantly benefit customers and provide new opportunities for employees."
Harris Corporation said the deal has been unanimously approved by the boards of directors of both companies.
Exelis was created in 2011 as a spinoff of ITT Corp. Its sales last year were $3.2 billion.
