Harris to Sell Night-Vision Unit to Elbit Systems for $350 Million

   By Colin Kellaher

Harris Corp. (HRS) Friday said it agreed to sell its night-vision business to Israeli technology company Elbit Systems Ltd. (ESLT) for $350 million in cash ahead of its pending $15 billion merger with L3 Technologies Inc. (LLL).

Harris in January said it would explore a sale of the unit as part of the regulatory process for the deal, which would be the largest-ever defense industry merger.

Harris said it will use proceeds from the sale, which is conditioned on the completion of the L3 merger, to pre-fund the L3 Harris pension and return cash to shareholders.

Shareholders of both Harris and L3 voted Thursday to approve the merger, which they expect to complete in mid-2019.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

April 05, 2019 06:33 ET (10:33 GMT)

L3 Technologies, Inc. (NYSE:LLL)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024