Northrop Grumman's (NYSE:NOC) $9.2B purchase including debt of Orbital ATK (NYSE:OA) was appreciated by investors of both companies, which ended today's trade with respective 3.3% and 20.2% gains.

Analysts say the proposed deal would help NOC produce and launch large and small spy and communications satellites and develop new high-speed weapons and missile defense systems, and should clear the bar with regulators since there's little overlap in the companies' businesses.

The acquisition gives NOC "more options in DoD growth segments, such as missile defense and space, [and] exposure to the munitions refill cycle for both U.S. and some foreign military sales," Cowen analysts say.

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