The U.S. armaments manufacturer L-3 Communications Holdings Inc. said Friday that it has acquired the arms producer Titan Corporation, which also specializes in surveillance, information technology and armament systems, dpa reported. The purchase price is expected to be approximately 2.65 billion dollars, including Titan's assumed debts. Titan's shareholders are to receive 23.10 dollars per share in cash. The deal makers are aiming for completion of the transaction by the second half of the year. A majority of Titan shareholders and regulators have to approve the agreement, and Titan has to settle pending securities class action lawsuits. Titan would add 2.7 billion dollars in sales and 25 cent per share earnings to L-3 operations. Titan, which is based in San Diego, California, has approximately 12,000 employees. L-3, which is headquartered in New York, made 6.9 billion dollars in sales and 381.9 million dollars in earnings last year. --More 2212 Local Time 1912 GMT
