Harris Corporation of Melbourne, FL and Elbit Systems Ltd. announced on April 5 the signing of a definitive agreement under which Elbit Systems of America, LLC (ESA) will acquire Harris’ Night Vision business for $350 million in cash. The transaction is conditioned on completion of Harris’ previously announced proposed merger with L3 Technologies, Inc., as well as customary closing conditions including receipt of regulatory approvals.
“In January 2019, we announced that as part of the L3 merger regulatory
process we had proactively started exploring the sale of our Night Vision
business,” said William M. Brown, chairman, president and chief executive
officer. “With the signing of the agreement to divest the Night Vision
business, and yesterday’s approval by shareholders of the L3 Harris merger, we have
achieved two significant milestones towards completing the transformational
merger in mid-calendar 2019.”
Proceeds from the divestiture are expected to be used to pre-fund the L3
Harris pension and return cash to shareholders.
Headquartered in Roanoke, Virginia, the Night Vision business is a premier developer, producer and supplier of night vision technology for the U.S. and allied military and security forces and for the federal homeland security market. The Night Vision business reports as part of the Communication Systems segment.
Source: Harris Corporation
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