Orbital ATK shareholders approve Northrop deal

Orbital ATK stockholders have near-unanimously approved its acquisition by Northrop Grumman in a meeting held Wednesday.

The companies said Wednesday they continue to expect their combination to close in the first half of next year pending regulatory approvals.

Holders of more than 99 percent of Orbital ATK’s common stock present at the meeting or voting via proxy approved the merger agreement. That represented about 79 percent of all outstanding shares of Orbital ATK’s common stock as of the Oct. 10 record date for the special meeting.

First announced in September, Northrop is paying $7.8 billion for Orbital ATK to further extend its footprint in the space and missile defense arenas. Northrop is eyeing Orbital ATK’s small satellites and propulsion systems as complementary to larger platforms it makes for the Air Force, NASA and other agencies.

The deal also adds to Northrop a large munitions business, which analysts believe can help finance the acquisition through cash generation.