L3Harris signed an agreement in which Leidos 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.”