Leidos Buys L3Harris Airport Security
Business for $1B
February 5, 2020
Technologies inked 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.
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.
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.”
Proceeds from the divestiture are expected to be used to repurchase
shares and offset dilution.
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.