Simpson Thacher is representing L-3 Communications Corporation in its announced $2.6 billion acquisition of The Titan Corporation. Under the terms of a merger agreement signed June 2, 2005, L-3 agreed to acquire Titan for $23.10 per share. L-3 expects to finance the acquisition through issuances of new debt securities at closing. The transaction is expected to be completed in the second half of 2005, subject to receipt of Titan stockholder approval, court filing of definitive settlement agreements related to various class-action lawsuits in California and Delaware and other customary closing conditions.
L-3 is a leading provider of Intelligence, Surveillance and Reconnaissance (ISR) systems, secure communications systems, aircraft modernization, training and government services and a merchant supplier of a broad array of high technology products. Titan provides national security solutions including information and communications systems solutions and services to the Department of Defense, intelligence agencies, the Department of Homeland Security and other federal government customers.
The Simpson Thacher team includes Bill Curbow, Greg Grogan and Nilima Patel (M&A), Vince Pagano, A.J. Kess, Bret Ganis and Gabrielle Kelleher (Capital Markets), Marissa Wesely (Credit), Michael Chepiga, Pete Kazanoff and Leah Threatte (Litigation), Frances Adkins (Employee Benefits) and Charlie Rappaport, Marcy Geller and Noah Beck (Tax).