L3 and Harris Corp Joining Forces

0
280
credit: wikimedia commons

L3 Technologies Inc. (NYSE: LLL) and Harris Corporation (NYSE: HRS) announced on October 14 that they have agreed to enter into an all stock merger of equals. This merger is part of the two companies’ shared goal of creating a global defense technology leader. This deal has been unanimously approved by the Board of Directors at both companies. L3 Technologies shareholders will be given a fixed exchange ratio of 1.30 shares in Harris corporation per share of L3 Technologies common stock. L3 shareholders will own approximately 46% of the combined company with Harris shareholders owning about 54% upon completion of the merger. William M. Brown, President, CEO, and Chairman at Harris, stated, “This transaction extends our position as a premier global defense technology company that unlocks additional growth opportunities and generates value for our customers, employees and shareholders.” Goldman Sachs and Morgan Stanley are acting as financial advisers for this deal with Simpson Thacher & Bartlett, Paul, Weiss, Rifkind, Wharton & Garrison, and Sullivan & Cromwell serving as legal advisers.

LEAVE A REPLY

Please enter your comment!
Please enter your name here