L3Harris Agrees to Sell Airport Security Business for US$1 Billion

L3Harris Technologies (NYSE:LHX) signed a definitive agreement in which Leidos (NYSE:LDOS) will acquire L3Harris’ airport security and automation business for US$1 billion in cash.

As quoted in the press release:

The transaction is expected to close in mid-2020 and is conditioned on customary closing conditions, including receipt of regulatory approvals.

“Today’s announcement represents a significant milestone in L3Harris’ strategic priority to reshape our portfolio following last year’s L3 and Harris merger,” said William M. Brown, Chairman and CEO, L3Harris. “The agreement provides a stable path forward for the Security & Detection Systems and MacDonald Humfrey Automation businesses, while enabling L3Harris to focus its resources on core technologies.”

Click here to read the full press release.