WALTHAM, Massachusetts ( TheStreet) -- Raytheon ( RTN) signed an agreement to buy Applied Signal Technology ( APSG) for $38 a share, or about $490 million. Applied Signal shares closed Friday at $35.02, making the deal's price almost a 9% premium. The acquisition is expected to close in the first quarter of 2011, and isn't expected to have a material effect on Raytheon's earnings, the company said in a press release Monday. Applied Signal provides advanced intelligence, surveillance, and reconnaissance systems. -- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: tips@thestreet.com.
