Shareholders of Harris Corp. [HRS] and L3 Technologies [LLL] on Thursday respectively approved the pending merger of the two companies, keeping the deal on track to close in the middle of this year.
Regulatory officials in the U.S., European Union and other organizations are still reviewing the planned Harris acquisition of L3, which would create a $16 billion defense and technology company.
“Today’s vote clearly supports our view that this merger will unlock additional growth opportunities and generate value for our customers, employees and shareholders,” William Brown, chairman, president and CEO of Harris, said in a statement.
Christopher Kubasik, chairman, president and CEO of L3, said in a statement that planning for the integration of the two companies “is proceeding well as we prepare to capture operational synergies and establish a shared culture of innovation. The increased scale of L3 Harris will allow us to deliver comprehensive mission-critical solutions to our customers, while creating value for all of our stakeholders.”
Harris previously said it is considering divesting its night vision business to help get the deal approved. The company didn’t provide an update on that process.