DigitalGlobe (NYSE: DGI) and GeoEye (NASDAQ: GEOY) approved a definitive merger agreement under which the companies will combine in a stock and cash transaction valued at approximately $900 million.
The combined company will be named DigitalGlobe and continue to trade on the New York Stock Exchange under the symbol DGI. Jeffrey R. Tarr, president and CEO of DigitalGlobe, will serve as president and CEO of the combined company, and General Howell M. Estes III, chairman of the board of DigitalGlobe, will serve as chairman. It is anticipated that, after close, Matt O'Connell,CEO and president of GeoEye, will assist the management of the combined company in an advisory capacity. The company will be headquartered in Colorado, have a large and important presence in Missouri and Virginia, and maintain offices in other locations around the globe.