Summary
L3Harris Technologies, Inc. (formerly Harris Corporation) announced on July 31, 2000, its definitive agreement to acquire Wavtrace, Inc., a privately-held developer of broadband wireless access systems. This acquisition is a strategic move by Harris, which already holds a 20% stake in Wavtrace, to purchase the remaining shares for approximately $134 million in cash. The transaction is anticipated to close by the end of August 2000, subject to standard closing conditions. This move signals Harris's intent to bolster its presence in the growing broadband wireless sector and integrate Wavtrace's technology and expertise into its existing operations. Investors should monitor the integration process and Wavtrace's contribution to L3Harris's future revenue and market position in the telecommunications infrastructure space.
Key Highlights
- 1Harris Corporation has entered into a definitive agreement to acquire Wavtrace, Inc.
- 2Wavtrace, Inc. is a developer of broadband wireless access systems.
- 3Harris currently owns approximately 20% of Wavtrace.
- 4The acquisition price for the remaining shares is approximately $134 million in cash.
- 5The transaction is expected to close by the end of August 2000.
- 6The acquisition is subject to customary closing conditions.