Northrop Grumman announced today it has acquired Litton Industries Inc. in a transaction worth approximately $5.1 billion. The deal "creates one of the world's top-tier defense companies," Northrop said in a statement. Northrop Grumman will "acquire for cash all of the outstanding shares of Litton for $80 per common share and $35 per Series B preferred share," the statement continues. The deal, which has been approved by the boards of both companies, includes Northrop Grumman's assumption of $1.3 billion worth...
