L3Harris Technologies announced the signing of a definitive agreement under which Leidos will acquire L3Harris’ airport security and automation business for $1 billion in cash. 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.”
With annual revenues of approximately $500 million, L3Harris’ Security & Detection Systems and MacDonald Humfrey Automation solutions are used by the aviation and transportation industries, regulatory and customs authorities, government and law enforcement agencies, and commercial and other high-security facilities.