L3Harris Technologies Inc LHX has signed a definitive agreement under which an affiliate of Kanders & Company, Inc. will acquire its antenna and related businesses for $200 million.
The agreement aligns with L3Harris’ portfolio-shaping strategy for non-core assets. The transaction comprises $175 million of cash at closing and a $25 million seller note.
The transaction proceeds are expected to be used consistent with the company's capital allocation plans.
The divested assets, which offer a variety of airborne and ground-based antennas and test equipment, are a part of the Space & Airborne Systems segment and employ approximately 375 people.
The transaction is expected to close this quarter and is subject to customary closing conditions and regulatory approvals.
Price Action: LHX shares are trading lower by 1.45% at $206.54 on the last check Friday.
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