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Mergers & Acquisitions | Other Corporation | USA

ITT Corp. Acquires EDO in $1.7B Deal

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ITT Corporation of White Plains, NY and has reached a definitive agreement for ITT to purchase all outstanding shares of NYC-based EDO Corp. for $56 per share in cash. Including approximately $120 million of net debt and the anticipated conversion of convertible notes, this transaction values EDO at $1.7 billion. The transaction is subject to approval by EDO’s shareholders, as well as customary closing and regulatory conditions; it is expected to close in early 2008. Lazard LLC and UBS Investment Bank are acting as financial advisors to ITT, and Simpson Thacher & Bartlett LLP is legal counsel. EDO’s financial advisor is Citigroup, and their legal counsel is Debevoise & Plimpton LLP. Both companies are mid-market defense firms, and have been mentioned in takeover rumors; their merger continues existing trends in information technology, communication, and high-tech field equipment. ITT is a global leader in water and fluid transport, treatment, and control technology, who also has direct defense applications via communications and electronics, space surveillance systems, intelligence systems; and advanced engineering. EDO has about 4,000 employees; its strengths include mobile networking and integration, interference cancellation and antennas, advanced engineering, and interference creation via electronic jammers. For the six-month period ended June 30, […]

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