Harris Corp. and L3 Technologies have set a closing date for June 29, 2019, after announcing they have received necessary regulatory approvals for their all-stock merger.
At the time of closing, Harris will be renamed L3Harris Technologies, Inc., and shares of L3Harris common stock will trade on the New York Stock Exchange under ticker symbol “LHX.”
Additionally, L3 shares will cease trading upon market close June 28 and convert into 1.3 L3Harris shares for each L3 share.
“Receiving these approvals marks the successful completion of a thorough regulatory review process, clearing the way for one of the largest mergers in defense industry history,” said William M. Brown, chairman, CEO and president of the Harris Corp.
The regulatory process will require the divestiture of Harris’ Night Vision business, which is expected to be finalized following the merger and, pursuant to the Harris’ previously announced sale agreement with Elbit Systems Ltd.
“Today’s announcement positions us to close the merger and establishes L3Harris as an agile aerospace and defense technology innovator that delivers value for all of our stakeholders,” said Christopher E. Kubasik, chairman, CEO and president of L3 Technologies.