L3Harris Technologies has 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.
William M. Brown, Chairman and CEO, L3Harris said that, “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.”
Leidos is a Fortune 500® information technology, engineering, and science solutions and services leader working to solve the world’s toughest challenges in the defence, intelligence, homeland security, civil, and health markets. The company’s 36,000 employees support vital missions for government and commercial customers. Headquartered in Reston, Virginia, Leidos reported annual revenues of approximately $10 billion for the fiscal year ended 28 December 2018.