Shareholders of Orbital ATK have overwhelmingly approved the company's proposed purchase by Northrop Grumman Corporation.

The approval came Wednesday at a special meeting, where more than 99 percent of owners of Orbital ATK's common stock -- present or represented by proxy -- voted in favor of the merger agreement announced in September.

Under the deal, unanimously approved by the board of directors of both companies, Northrop will buy Orbital for about $7.8 billion in cash, plus the assumption of $1.4 billion in net debt. Orbital ATK shareholders will receive all-cash consideration of $134.50 per share.

"The acquisition of Orbital ATK by Northrop Grumman creates substantial value for our stockholders and enhances our capability to accelerate product development and technology innovation in support of our customers' critical missions," David W. Thompson, president and chief executive officer at Orbital, said in a press release.

"The transaction also enables our employees to benefit from new opportunities and career paths as part of a larger and more diverse aerospace and defense company."

The transaction is expected to close in the first half of 2018, subject to regulatory approvals.

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