Harris to Sell Night-Vision Unit to Elbit Systems for $350 Million
April 05 2019 - 6:48AM
Dow Jones News
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)
Copyright (c) 2019 Dow Jones & Company, Inc.
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