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LOS ANGELES , Nov. 8 /PRNewswire-FirstCall/ -- Northrop Grumman Corporation (NYSE: NOC) announced today that it has signed a definitive agreement under which Northrop Grumman will acquire for cash all of the outstanding shares of Essex Corporation (Nasdaq: KEYW) for
Northrop Grumman expects the transaction to close in the first quarter of 2007 and expects the transaction to be neutral to 2007 earnings and accretive beginning in 2008.
Essex Corporation provides signal processing services and products, and advanced optoelectronic imaging for U.S. government intelligence and defense customers.
"Our acquisition of Essex brings value to our shareholders, customers, and employees," said Ronald D. Sugar, Northrop Grumman chairman and chief executive officer. "Essex expands our position in C4ISR and further enhances our ability to serve our customers in the intelligence and defense communities. This transaction complements our existing capabilities and is consistent with our goal of investing in businesses that demonstrate the potential for strong and sustained growth."
Following the close of the transaction, Essex Corporation will operate as a business unit within Northrop Grumman's Mission Systems sector.