What is the main purpose of this 8-K filing?

This Form 8-K filing announces that Harris Corporation has entered into a definitive Asset Purchase Agreement to acquire the wireless systems business of Tyco Electronics Group S.A. It details the key terms of the agreement, including the purchase price and the scope of the acquired assets.

What is Harris Corporation acquiring and for how much?

Harris Corporation is acquiring substantially all of the assets of Tyco Electronics' wireless systems business for $675 million in cash. This business is involved in designing, building, distributing, maintaining, and supplying wireless communications systems.

What are the key conditions for the acquisition to be completed?

The closing of the acquisition is subject to several conditions, including the expiration or termination of waiting periods under antitrust laws like the Hart-Scott-Rodino Act, the accuracy of representations and warranties, the performance of obligations by both parties, and the absence of any material adverse effect on the acquired business. The acquisition is expected to close before July 3, 2009.

Are there any specific assets or liabilities excluded from the acquisition?

Yes, the agreement specifies that certain liabilities are excluded, and notably, the State of New York wireless network contract awarded to the business in December 2004 is an exception and will not be transferred as part of this asset purchase.

LHX 8-K: Material Agreements

Summary

L3Harris Technologies, Inc. (formerly Harris Corporation) announced on April 16, 2009, a significant strategic move through the execution of an Asset Purchase Agreement to acquire substantially all of the assets of Tyco Electronics Group S.A.'s wireless systems business for $675 million in cash. This acquisition is designed to bolster L3Harris's position in the worldwide wireless network systems market, which serves critical sectors like public safety, utility, federal, military, and commercial clients. The acquired business specializes in the design, construction, distribution, and maintenance of wireless communications systems, including land mobile radio and broadband equipment. The transaction is subject to customary closing conditions, including regulatory approvals such as the expiration of the Hart-Scott-Rodino waiting period and other antitrust laws. The company anticipates closing the acquisition before its fiscal year-end on July 3, 2009. This move represents a substantial investment aimed at expanding L3Harris's technological capabilities and market reach within the dynamic wireless communications sector.

Key Highlights

1Harris Corporation entered into a definitive Asset Purchase Agreement to acquire Tyco Electronics' wireless systems business.
2The purchase price for the acquisition is $675 million in cash, subject to post-closing adjustments.
3The acquired business designs, builds, distributes, maintains, and supplies worldwide wireless network systems, including land mobile radio and broadband equipment.
4Target markets for the acquired business include public safety, utility, federal, military, and commercial sectors.
5Closing conditions include customary provisions such as antitrust approvals (e.g., Hart-Scott-Rodino) and the absence of material adverse effects on the business.
6The acquisition is expected to close before Harris Corporation's fiscal year-end on July 3, 2009.
7The agreement includes customary representations, warranties, covenants, and indemnities from both parties.

L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Material Agreement (Apr 22, 2009)

Summary

Key Highlights

Frequently Asked Questions