Northrop Gives Regulators More Time to Review Litton Deal

Northrop Grumman Corp. has refiled the paperwork for its $5.1 billion acquisition of Litton Industries Inc. to give U.S. and European regulators more time to review the deal.

Officials with Northrop Grumman of Los Angeles said Feb. 27 that the company still expects the acquisition to be completed by late March 2001. The company withdrew and then refiled its Hart-Scott-Rodino notification to give regulators more time.

The acquisition is a cash deal and beginning Friday, Northrop Grumman will extend its tender offer for Litton stock in five-day or less increments until the government reviews are over and the deal is completed.

The deal for Litton of Woodland Hills, Calif., will create a company with $13.2 billion in annual revenue. The IT portion of the business will bring in about $2.9 billion annually and includes Northrop's Logicon unit and Litton's PRC and TASC businesses.

Also this week, Litton announced that its net earnings for the second quarter were $49.7 million versus $36.8 million in the second quarter of fiscal 2000. Revenue for the quarter was $1.34 billion, compared with $1.35 billion in the comparable period last year.

About the Author

Nick Wakeman is the editor-in-chief of Washington Technology. Follow him on Twitter: @nick_wakeman.

Reader Comments

Please post your comments here. Comments are moderated, so they may not appear immediately after submitting. We will not post comments that we consider abusive or off-topic.

Please type the letters/numbers you see above

What is your e-mail address?

My e-mail address is:

Do you have a password?

Forgot your password? Click here
close

Trending

  • POWER TRAINING: How to engage your customers

    Don't miss our Aug. 2 Washington Technology Power Training session on Mastering Stakeholder Engagement, where you'll learned the critical skills you need to more fully connect with your customers and win more business. Read More

  • PROJECT 38 PODCAST

    In our latest Project 38 Podcast, editor Nick Wakeman interviews Tom Romeo, the leader of Maximus Federal about how it has zoomed up the 2019 Top 100. Read More

contracts DB

Washington Technology Daily

Sign up for our newsletter.

Terms and Privacy Policy consent

I agree to this site's Privacy Policy.