L3Harris Announces Definitive Agreement to Sell Non-Core Assets to an Affiliate of Kanders & Company, Inc. for $200 Million
April 05 2024 - 8:00AM
Business Wire
L3Harris Technologies (NYSE:LHX) has signed a definitive
agreement under which an affiliate of Kanders & Company, Inc.
will acquire its antenna and related businesses for $200 million.
The transaction is expected to close this quarter and is subject to
customary closing conditions and regulatory approvals.
The agreement aligns with L3Harris’ portfolio-shaping strategy
for non-core assets, with transaction proceeds to be used
consistent with capital allocation plans. The transaction is made
up of $175 million of cash at closing and a $25 million seller
note.
The businesses L3Harris will divest offer a variety of airborne
and ground-based antennas and test equipment. They are part of the
Space & Airborne Systems segment and employ approximately 375
people.
About L3Harris Technologies
L3Harris Technologies is the Trusted Disruptor in the defense
industry. With customers’ mission-critical needs always in mind,
our 50,000 employees deliver end-to-end technology solutions
connecting the space, air, land, sea and cyber domains in the
interest of national security.
About Kanders & Company, Inc.
Kanders & Company, Inc. based in Palm Beach, FL, is a
single-family office owned and controlled by Warren B. Kanders. Mr.
Kanders has more than 30 years of experience investing in public
and private companies across a variety of sectors, acting as an
active strategic partner for enhancing operating discipline and
catalyzing long-term growth.
Forward-Looking Statements
This press release contains forward-looking statements that
reflect management's current expectations, assumptions and
estimates of future performance and economic conditions. Such
statements are made in reliance upon the safe harbor provisions of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. L3Harris cautions investors that
any forward-looking statements are subject to risks and
uncertainties that may cause actual results and future trends to
differ materially from those matters expressed in or implied by
such forward-looking statements. Important risk factors that could
cause actual results or outcomes to differ from those expressed in
the forward-looking statements are described in the “Risk Factors”
sections of L3Harris’ Annual Report on Form 10-K for the year ended
December 29, 2023, and subsequent quarterly reports on Form 10-Q.
In addition, the following factors, among others, could cause
actual results to differ materially from the forward-looking
statements or historical performance: the potential impact on the
announcement or consummation of the transaction on relationships,
delays in, or failures in respect of, anticipated satisfaction of
closing conditions, unexpected costs, liabilities or delays, legal
proceedings or the ability to obtain regulatory approvals, or the
satisfaction of other closing conditions in a timely manner or at
all. Statements about expected transactions are forward-looking and
involve risks and uncertainties. L3Harris disclaims any intention
or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240405231423/en/
Mark Kratz Investor Relations
InvestorRelations@L3Harris.com 321-724-3170
Sara Banda Corporate Media Relations Media@L3Harris.com
321-306-8927
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