Newport News and Avondale Merge

Newport News Shipbuilding and Avondale Industries approved an agreement to combine the two companies. With Lazard Freres acting as the advisor for Newport News in this merger, the transaction is valued at $470 million and is expected to be immediately accretive to 1999 earnings. The transaction created a leading, broad-based shipbuilding company with estimated 1999 revenues of $2.6 billion and nearly 24,000 employees. The combined company will be known as Newport News Avondale Industries.

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