Patrick Durrant | Sydney
Aerospace and defence manufacturer Orbital ATK will be acquired by the world's fifth largest defence contractor Northrop Grumman in a US$9.2 billion deal.
Under the definitive agreement, Orbital will become a new fourth business division of Northrop. CEOs Wes Bush (Northrop) and David Thompson (Orbital) said during a pre-market teleconference this would allow both companies to maintain uninterrupted program performance. 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.