ITT expands aerospace, defense portfolio with $1.7 billion acquisition of EDO

By Lisa Kerner

Charlotte, N.C., Dec. 20 - ITT Corp. completed its $56-per-share acquisition of EDO Corp., it was announced on Thursday.

The transaction is valued at $1.7 billion.

"We're pleased the transaction closed smoothly and ahead of schedule, allowing us to turn our attention to integrating these two great businesses and unlocking the tremendous value anticipated from this combination," ITT president and chief executive officer Steve Loranger said in the release.

As previously reported, EDO shareholders voted "overwhelmingly" to approve the company's merger with ITT at a special meeting on Dec. 18.

Under the companies' merger agreement, ITT subsidiary Donatello Acquisition Corp. will merge with and into EDO, with EDO continuing as a surviving corporation and a wholly owned subsidiary of ITT.

New York-based EDO designs and manufactures products for aerospace, defense, intelligence and commercial markets.

ITT is an engineered products manufacturer located in White Plains, N.Y.

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