Harris Corp. Agrees To Sell Night Vision Business To Elbit Systems For $350 Mln

(RTTNews) - Harris Corp. (HRS) agreed Friday to sell its Night Vision business to Elbit Systems of America, LLC, a subsidiary of Elbit Systems Ltd. (ESLT) for $350 million in cash.

The transaction is conditioned on completion of Harris' previously announced proposed merger with L3 Technologies, Inc. (LLL), as well as customary closing conditions including receipt of regulatory approvals.

In January 2019, Harris announced that as part of the L3 merger regulatory process it had proactively started exploring the sale of its Night Vision business.

With the signing of the agreement to divest the Night Vision business, and Thursday's approval by shareholders of the L3 Harris merger, Harris has achieved two significant milestones towards completing the transformational merger in mid-calendar 2019.

Proceeds from the divestiture of the Night Vision business are expected to be used to pre-fund the L3 Harris pension and return cash to shareholders.